Business Management
Chapter 13: Managing Information and Information Technology
Businesses need information, but they nedd it to be accurate, and they need it to be accessible in a timely fashion.
Information has always been an integral part of every manager's job.
The Role of Information in the Manager's Job
Information is a vital part of communication, it follows that management and information are closely related. A key part of information-processing activity id differentiating between data and information.
Data: are raw figures and facts reflecting a single aspect of reality.
Information: is data presented in a way or form that has meaning. It provides meaning to a manager and provides a basis for action.
Information Technology (IT): Refers to the resources used by an organization to manage information that it needs to carry out its mission. IT may consists of computers, integrated computer networks, telephones, fax machines and other pieces of hardware. It involves software that facilitates the system's ability to manage information in a way that is useful to managers.
Example: The grocery industry uses data, information, and information technology to automate inventory and checkout facilities.
Characteristics of Usesful Information
In general, information is useful if it is accurate, timely, complete and relevant.
Accurate
For information to be of real value to a manager, it must be accurate information. Accuracy means that the information must provide a valid and reliable reflection of reality.
Timely
Information also needs to be timely. It means only that information needs to be available in time for appropriate managerial action.
Complete
Information must tell a complete story for it to be useful to a manager.
If it is less that complete information, the manager is likely to get an inaccurate or distorted picture of reality.
Complete Information: Provides the manager with all the information that he/she needs.
Relevant
Relevant
Businesses need information, but they nedd it to be accurate, and they need it to be accessible in a timely fashion.
Information has always been an integral part of every manager's job.
The Role of Information in the Manager's Job
Information is a vital part of communication, it follows that management and information are closely related. A key part of information-processing activity id differentiating between data and information.
Data: are raw figures and facts reflecting a single aspect of reality.
Information: is data presented in a way or form that has meaning. It provides meaning to a manager and provides a basis for action.
Information Technology (IT): Refers to the resources used by an organization to manage information that it needs to carry out its mission. IT may consists of computers, integrated computer networks, telephones, fax machines and other pieces of hardware. It involves software that facilitates the system's ability to manage information in a way that is useful to managers.
Example: The grocery industry uses data, information, and information technology to automate inventory and checkout facilities.
Characteristics of Usesful Information
In general, information is useful if it is accurate, timely, complete and relevant.
Accurate
For information to be of real value to a manager, it must be accurate information. Accuracy means that the information must provide a valid and reliable reflection of reality.
Timely
Information also needs to be timely. It means only that information needs to be available in time for appropriate managerial action.
Complete
Information must tell a complete story for it to be useful to a manager.
If it is less that complete information, the manager is likely to get an inaccurate or distorted picture of reality.
Complete Information: Provides the manager with all the information that he/she needs.
Relevant
Relevant