Class notes BUSI 1011 Management Ch.7, ISBN: 9781119715061
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Course
BUSI 1011
Institution
Lakehead University (LakeheadU
)
Book
Management
Introduction to management Ch. 7. Includes information and decision making, business intelligence, problem solving and managerial decisions, problem solving and approaches, types of problems, crisis decision making, steps to decision-making process, issues in decision making, creative decision maki...
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Introduction to Management
BUSI 1011
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Management. Ch 7
Information and Decision-Making
Information, Technology & Management
↳ Technological competency
● Ability to understand new technologies and to use them to their best advantage
↳ Information competency
● Ability to locate, gather, organize and display information for decision making and
problem solving
↳ Analytical competency
● Ability to evaluate and analyze information to make actual decisions and solve real
problems
What is useful information
↳ Data - Raw facts and observations
↳ Information - Data made useful meaning for decision making
↳ Information drives managerial decision
Characteristics of useful information
↳ Timely
↳ High quality
↳ Complete
↳ Relevant
↳ Understandable
Management Information System:
↳ Using the latest technologies to collect, organize, and distribute data
Data Mining - The process of analyzing data to produce useful information for decision
makers
Big Data - Exists in huge quantities and is difficult to process without sophisticated
mathematical and analytical tools
↳ Management analytics involves the systematic evaluation and analysis of data to make
informed decisions
Business Intelligence and Executive Dashboards
↳ Business intelligence - Taps information systems to extract and report data in organized
ways that are useful to decision makers
↳ Executive dashboards - Visually update and display key performance metrics and
information on a real-time basis
, Information needs in organizations
↳ Information exchanges with the external environment (gather intelligence information,
provide public information)
↳ Information exchanges within the organization (facilitate decision-making, facilitate
problem-solving)
Problem Solving and Managerial Decisions
↳ Managers as information processors
● Continually gather, share, and receive information
● Now as much electronic as it is face to face
● Always on, always connected
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