UTK Management 202-Unit 2 Exam Questions with Verified Answers

UTK Management 202-Unit 2 Exam Questions with Verified Answers What is the role of information in the management process? helps managers make sound decisions, using useful information to back up decisions 3 main competencies for managers technological, information, analytical 5 characteristics of useful information -timely -high quality -complete -relevant -understandable analytics systematic gathering and processing of data to make it as useful as information data vs. information -data-raw facts and observations -information-data made useful for decision making data mining 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 computing techniques management + analytics systematic gathering and processing of data to make informed decisions executive dashboards Visually update and display key performance indicators and information on a real-time basis intelligence information gathered from stakeholders and external environment internal information flows up, down, around, and across organizations public information disseminated to stakeholders and external environment decision choice among possible alternative courses of action performance threat something is wrong or has the potential to go wrong performance opportunity situation offers the chance for a better future if the right steps are taken problem avoiders inactive in info gathering and solving problems problem solvers reactive in gathering info and solving problems problem seekers proactive in anticipating problems and opportunities taking appropriate action to gain an advantage systematic thinking approaches problems in a rational, step-by-step, and analytical fashion intuitive thinking approaches problems