We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Imformation based decision making - Essay Example

Comments (1) Cite this document
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. …
Download full paperFile format: .doc, available for editing
Polish This Essay93.1% of users find it useful
Imformation based decision making
Read TextPreview

Extract of sample
"Imformation based decision making"

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
Cite this document
  • APA
  • MLA
(“Imformation based decision making Essay Example | Topics and Well Written Essays - 2750 words”, n.d.)
Retrieved from https://studentshare.org/management/1394472-unit
(Imformation Based Decision Making Essay Example | Topics and Well Written Essays - 2750 Words)
“Imformation Based Decision Making Essay Example | Topics and Well Written Essays - 2750 Words”, n.d. https://studentshare.org/management/1394472-unit.
  • Cited: 0 times
Comments (1)
Click to create a comment or rate a document
aleenhowell added comment 4 months ago
Student rated this paper as
This essay was always my weak point. I could never complete it on time. Still, after I found this particular paper, I understood how it should be done. So, I performed my research afterward and completed the essay in several hours, instead of weeks as it was previously.
This is considered critical because it is through this assessment that a medical professional can ascertain the historical details of a patient, crucial for determining subsequent way of treatment and progress of the a patient. Arnold (2006, pg. 502) further elaborates that proper assessment of a patient, therefore, requires an examination of the state of the art.
4 Pages(1000 words)Essay
Information Based Decision Making
The data and information required to make a decision must be gathered and analyzed. This will help the organization to make a better decision. A decision must be taken after analyzing its pros and cons. Hence a decision has to be taken keeping in mind all its consequences and effects.
10 Pages(2500 words)Essay
This is largely to due to the increase in complexity of modern organizations, the number of divisions or sub units within a division through which several decisions has to go through for approval. Apart from this, nine out of ten times an organization faces a situation to take decisions regarding organizational and transformational process.
8 Pages(2000 words)Essay
Employee privacy right in the work place
Employers must be careful in making sure that their policies uphold both the best interest of the company and its employees to avoid being sued. In today's society, it is not unusual that employees are watched in the workplace. Employee montitoring has become a big issue.
6 Pages(1500 words)Essay
Information based decision making Unit 5002
The source, selection, requirements, methods and process of organizational decision making are the main areas those will be addressed in this paper. The main points that will be discussed is the decision making models and their
12 Pages(3000 words)Essay
Making financial decision based on financial decision
This report analyses in which of these three projects Hall Hill Farm should invest. Cash Budget shows the inflows and outflows of the company or project (Johnson, & Scholes, 2001). Cash
7 Pages(1750 words)Essay
Decision Making
Likewise, the educational background, various demographic factors, personal profile, and the situation which calls for the decision significantly influence the kind of decision-making to be used. As briefly explained in one of the course reading, intuitive decision making is
2 Pages(500 words)Essay
Group Decisions
Social identity approach illustrates general group decision making. Social identity illustrate that changes as a result of collective decision making entails rational psychological processes (Janis, 2002). These
1 Pages(250 words)Essay
Standards-Based Decision Making
Publicly listed companies are required to conduct an audit procedure at the end of every fiscal year. The procedure can be carried out by internal or external auditors. The auditors then supply the audit reports with supplementary information covering their opinions.
4 Pages(1000 words)Essay
Decision making
However, this classical view is limited by numerous factors that eventually result in biasness in human decisions, paving way for
2 Pages(500 words)Essay
Let us find you another Essay on topic Imformation based decision making for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us