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
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
