Information Based Decision Making
Level 5: Diploma in management and leadership | 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 identify and select sources of information, analyse and present information to support decision making and communicate the results of information analysis and decisions. I will look at the key models and concepts involved with information based decision making and also try to incorporate best practice into Darchem through trial and evaluation of these methods.
Be able to identify and select sources of data and information
Organisations need data to make key business decisions, monitor progress and solve problems. Business information is information which comes in, is generated by or leaves the organisation. Information can be classed as quantitative and qualitative. Quantitative focuses on numbers and frequency rather than meaning or experience such as experiments, questionnaires and psychometric tests. The results are fairly reliable and easy to analyse but are criticised for not providing an in depth description. Qualitative focuses on description and meaning, used in interviews and case studies they provide a more in depth an rich description. Information is can also be classed as primary and secondary. Primary sources are the original, unedited, "first hand" sources where the person receiving the information would extract the information they require, this could include interviews and surveys or letters and correspondence. Opposite to this is secondary information where the information is derived from another source,
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 identify and select sources of information, analyse and present information to support decision making and communicate the results of information analysis and decisions. I will look at the key models and concepts involved with information based decision making and also try to incorporate best practice into Darchem through trial and evaluation of these methods.
Be able to identify and select sources of data and information
Organisations need data to make key business decisions, monitor progress and solve problems. Business information is information which comes in, is generated by or leaves the organisation. Information can be classed as quantitative and qualitative. Quantitative focuses on numbers and frequency rather than meaning or experience such as experiments, questionnaires and psychometric tests. The results are fairly reliable and easy to analyse but are criticised for not providing an in depth description. Qualitative focuses on description and meaning, used in interviews and case studies they provide a more in depth an rich description. Information is can also be classed as primary and secondary. Primary sources are the original, unedited, "first hand" sources where the person receiving the information would extract the information they require, this could include interviews and surveys or letters and correspondence. Opposite to this is secondary information where the information is derived from another source,
Bibliography: Chartered Management Institute. (2008). Pathways to Management and Leadership, Second edition, Unit 5002 - Information based decision making. London: Chartered Management Institute. Decision Making Confidence. (2006-2012). Kepner Tregoe decision making. Retrieved April 1, 2012, from Decision making confidence: http://www.decision-making-confidence.com/kepner-tregoe-decision-making.html ehow. (1999-2012). Communication methods in business. Retrieved April 1, 2012, from ehow: http://www.ehow.com/facts_5184422_communication-methods-business.html Flow Breeze. (2006-2012). Advanced Flow Chart sample. Retrieved April 1, 2012, from Flow Breeze: http://www.breezetree.com/flow-charts/advanced-flowchart.htm Information Commissioners Office. (n.d.). Data Protection principles. Retrieved April 1, 2012, from ICO: http://www.ico.gov.uk/for_organisations/data_protection/the_guide/the_principles.aspx Mind tools. (1996-2012). Flow Charts. Retrieved April 1, 2012, from Mind Tools: http://www.mindtools.com/pages/article/newTMC_97.htm