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Class notes BUSI 1011 Management Ch.7, ISBN: 9781119715061 CA$11.83
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Class notes

Class notes BUSI 1011 Management Ch.7, ISBN: 9781119715061
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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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  • February 9, 2023
  • 7
  • 2022/2023
  • Class notes
  • Dr. john kimberly
  • All classes

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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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