Information Based Decision Making

Topics: Decision theory, Information systems, Executive information system Pages: 24 (3406 words) Published: September 19, 2014
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 Legal Requirements ......................................................................................................15

2. Be able to analyse and present information to support decision making ............ 18 Decision Making.................................................................................................... 18 Who should be involved in decision making ..................................................................21

3. Be able to communicate the results of information analysis and decisions ........ 23 Communication ..................................................................................................... 23 Reflective Statement ................................................... Error! Bookmark not defined. References............................................................................................................ 24

TERMS OF REFERENCE
This report will demonstrate my skills, understanding, knowledge and abilities in the principles of information based decision making.

I will demonstrate that I can:

 identify and select sources of data and information

 analyse and present information to support decision making

 communicate the results of information analysis and decisions

1. BE ABLE TO IDENTIFY AND SELECT SOURCES OF DATA AND
INFORMATION

LO

D ATA AND INFORMATION

1.3

The terms data and information are often used loosely. People believe that they are the same but they are not. Jessup & Valacich (Pg 6, 2003) define data as being ‘raw material – recorded, unformatted information, such as words and numbers’. It has no value until it has been processed and transformed into information.

Data

Transformation
process

Information

Information can therefore be defined as data that has been processed so that some meaning can be derived from it.

Information is used, within organisations, to help with decision-making. According to Bocij, Chaffey, Greasley & Hickie (1999) the characteristics of the decisions taken in an organisation vary according to the level at which they are taken. The figure on the next page shows the distribution of managerial responsibility within a typical organisation:

As you can see from the figure above, the largest section of managers is found at the operational level of the organisation. The smallest section of managers is found at the strategic level.

OPERATIONAL LEVEL

At this level, managers deal with short-term planning and the day-to-day business processes. The decisions taken direct the organisations’ efforts towards meeting the medium-term goals, abiding by the budgets, policies and procedures set at the tactical level. These decisions tend to be highly structured and have little impact on the organisation as a whole. An example of a decision taken at this level in my department might be organising the dates, times and rooms of the monthly OCR typing exams.

TACTICAL LEVEL

At this level managers are largely concerned with medium-term planning.

They

monitor the performance of the organisation, control budgets, allocate resources and set policies. Decisions taken at this level are used to set medium-term goals that form stages leading to the accomplishment...

References: the same but they are not. Jessup & Valacich (Pg 6, 2003) define data as being ‘raw
material – recorded, unformatted information, such as words and numbers’
Information is used, within organisations, to help with decision-making. According to
Bocij, Chaffey, Greasley & Hickie (1999) the characteristics of the decisions taken in
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