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Information based decision making - Assignment Example

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Information Based Decision Making Table of Contents Introduction 3 Nature of data and information 4 Sources of data and information 5 Criteria for selection of data and information 5 Legal requirements relating to collection, use & storage 7 Decision making models 8 People participating in decision making process 10 Methods of presenting decisions made 11 The processes for implementing a communications method 12 Reference 13 Introduction Those days are over when almost all the decisions were taken by head of the business and all other members have to follow that…
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Information based decision making
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Download file to see previous pages Again, to retain the competitive position in the market, companies have to analyse the strategy used by its competitors and thus respective changes should be made in ones business strategy. With growing inter-relation in all these factors, the decision making process is getting complex day by day. In the contemporary business environment, the management is hardly left with time to conduct an in-depth analysis while making a decision. Therefore, the management prefer to use an information based decision making model. These models make the process of decision making more systematic and transparent. One may argue that such information based methods of decision making requires a lot of managerial time and effort. However, in the era of information technology one can easily extract required data from the central database and using the computer, complex calculations can be done within fraction of minutes. On the contrary, management can also determine beforehand all the possible negative consequences if the decision taken proves at any point of time. In the below give section, information based decision making concept as well as some of the commonly used models will be discussed in-depth. Nature of data and information The success of an information based decision making process highly depends on the quality as well as on the authenticity of the data used. Therefore, while developing the decision based information model, attention should be devoted towards nature of data and information to be used. Generally, while deciding about the nature, one should understand the core reason for which the data will be used. It means the nature of data should be finalised after considering the final use of the result derived from it. For example, if a company is developing an information based decision making process for its new project, then it will prefer to collected financial information to check the cost incurred in the production process. Again, quantitative as well as qualitative data regarding the operational activities will be collected and used to analyse progress of the project. There are certain other factors that need to be ascertained while finalising the nature of data. The team that developers the decision making model should be conscious about authenticity and reliability of the data. A small little alteration in the data can disturb whole of the decision making process. For example, if the data regarding number of units sold in a particular region gets distorted (either willingly or unwillingly), it will effect whole of the marketing decision making model. Considering the wrong data about the sales figure, the marketing manager will provide a misguiding sales forecast for the next month. On the basis of this wrong forecast, the production department will set its schedule and it will pass this information to the purchase department to supply the required material. As a result the schedule of the purchase department will also get disturbed. In general, whole of the monthly schedule of the organisation will get disturbed and ...Download file to see next pagesRead More
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