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Imformation based decision making - Essay Example

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Decision-making is arguably one of the most difficult and challenging tasks especially in the business environment. The challenges are even more profound when there are many variables to be considered when making the decision. …
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Imformation based decision making
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Download file to see previous pages The importance of decision-making cannot be underestimated. Indeed, the success or failure of any business primarily depends on the quality of decisions made by the management. Most of the successful global cooperation’s are a reflection of good decision-making strategy. A lot of investment both in time and resources is directed towards the decision making process. However, it is important to note that making sound decisions primarily depends on the amount and quality of information at hand. This makes it important to consider information as one of the core requirements in sound decision making both at an individual and corporate level. This paper therefore discusses the different aspects of information-based decision-making. It seeks to discuss this topic within the realms of what has been covered in the course of management. However, extra knowledge on decision-making has also been mined from other sources. Information It is very futile to make any decision without profound background information regarding all the possible outcomes. This makes information the core requirement in making decision. There are different aspects of information that are worth discussing since they affect either directly or indirectly on the decision making process. There is a major difference between data and information. Data refers to facts or figures in their basic or raw form. For instance, 11, 32, 98, 58, 91, and 74 refers to data. Values such as ? 58.00, ?1200, ?223.50, and?558 refer to financial data. In both instances, the data does not make any meaning under any context (Black, 2009). However, the data can be processed to give it meaning. It is also important to note that processed data or information can fail to make meaning outside a given context. Information refers to data that has been organized such that it makes meaning within the context of consideration. Information can be either formal or informal. For information to be useful in decision-making, it has to be communicable to the relevant stakeholders, it must be presented in a language that users can understand without misinterpreting, it must be in a form that can be utilized, and finally it must be relevant to the subject of consideration. Information to be used in decision-making can be classified in two major categories. It can be either formal or informal. Formal information is usually presented in a familiar format, has a degree of relevance and accuracy, and uniquely structured. However, the information may be inflexible and may sometimes disregard sociological perspectives. On the other hand, informal information is quite flexible and more detailed though it may be inaccurate. Information and Law It is very imperative for any person using information-based decision making to understand that certain types of information have legal implications. This is more profound in business organizations. The law regulates many processes of handling information and as such, caution should be exercised to ensure the entire legal infrastructure is respected. For instance, the Data Protection Act of 1998 was enacted to ensure that information is handled with caution to protect its integrity, privacy, and users. The data protection laws ensure that data handlers do not manipulate the data for personal or malicious reasons but instead use the data for the best interest of the subjects. While making business decisions, all legal parameters should be followed and information handled within the realms of the law. It is unethical to use data or information to make business decisions that are not permitted by the law. For example, a business may use information unlawfully to gain unfair advantage over other competitors. Although the decisions made from such information may seem exemplary, legal ...Download file to see next pagesRead More
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