Information Based Decision Making - 3396 Words

Information Based Decision Making Terms of Reference .................................................................................................... 3 1. Be able to identify and select sources of data and information ............................ 4 Data and Information .............................................................................................. 4 Characteristics of Good Information ............................................................................... 6 Sources of Information ................................................................................................... 9 Nature of Information...................................................................................................... 9†¦show more content†¦STRATEGIC LEVEL At this level managers are largely concerned with long-term organisational planning. Decisions tend to be unstructured and are made infrequently. However, the decisions made at this level are likely to have a large impact on the organisation as a whole and cannot be reversed easily. An example of this might be a choice of new markets into which to move. At my place of work strategic decisions are mainly made by the senior management team. As a lecturer and course tutor, I would mainly fall into the operational level of decision making and am involved in the day-to-day planning and running of my tutor group. Although I am not a manager, as a senior member of the team I am sometimes also involved in strategic and tactical decisions. CHARACTERISTICS OF GOOD INFORMATION LO 1.1 †¢ VALID Information should be valid, as misinterpretations, inaccuracies and misinformation could impact badly on decisions that need to be taken. For example if a lecturer teaching a subject must make sure they using an up-to-date syllabus otherwise the students could be receiving information that is not valid for when they sit their exams. †¢ RELIABLE Information should be obtained from a reliable source to ensure that it is correct, particularly if the information will be used as a starting point for decision-making. ForShow MoreRelatedInformation Based Decision Making Essay3221 Words   |  13 Pages| Unit 5002 - Information based decision making | Stockton Riverside College | Michelle Morgan 4/1/2012 | Contents Introduction 3 Be able to identify and select sources of data and information 4 Be able to analyse and present information to support decision making 7 Be able to communicate results of information analysis and decisions 12 Appendices 14 Bibliography 14 Introduction The aim of this report is to look at information based decision making to help identifyRead MoreInformation Based Decision Making Essay2954 Words   |  12 Pages| Information based decision making | Unit 5002V1 | | | 4/1/2015 | Task 1 (600-700 words): A.C.1.1 – Examine the nature of data and information Data comprises of factual information. Data are the facts from which information is derived. Data is not necessarily informative on its own but needs to be structured, interpreted, analysed and contextualised. Once data undergoes this process, it transforms in to information. Information should be accessible and understood by the readerRead MoreDecision Making : An Essential Skill Of A Productive And Successful Manager1089 Words   |  5 PagesDecision-making is an essential skill of a productive and successful manager as it has direct impact on the organization and team. Decision-making is the process of ‘selecting an alternative from among choices that are accessible.’ There are three main models of decision-making, these include rational, intuition and bounded rationality model. These provide an effective option of dealing with decision-making, and also helps to build support for the final decision and active commitment to that decisionsRead MoreDecision Making Cycle 1030 Words   |  5 Pages § The principles involved in managerial decision making and effective problem solving. The Rational Decision Making emerges from Organizational Behavior. 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