Strategic Information Management
Final Assignment: CMI Level 7: Strategic Leadership and Management
Unit 7004: Strategic Information Management
Table of Content
What is Information Management | Page 3 | Importance of Information Sharing and Legal obligations for sourcing, storing and sharing information | Page 7 | Using Information for Strategic Decision Making | Page 14 | Monitoring and Reviewing Management Information | Page 17 | References | Page 19 |
What is Information Management
Information Management is the collection and management of information from one or more sources and the distribution of that information to one or more audiences.
Chaffey, D. & Wood, S. (2005) in their book “Business Information Management: Improving Performance Using Information Systems”, explain three key elements of Management information are 1. Data: Discrete, objective facts about events. Data is transformed into information by adding value through context, categorisation, calculations, corrections and condensation 2. Information: Organised data, meaningful and contextually relevant. Used for decision-making 3. Knowledge: The combination of data and information to which expert opinions, skills and experience is added to result in a valuable asset which can be used to make decisions
Impact of Management Information on Decision Making
Management Information is an integral part of the decision making process in any business enterprise. As explained in the introduction that management information is a combination of raw data put into useful information to provide adequate knowledge to the stake holders to make relevant business decisions.
There are three basic steps involved to above mentioned process.
Wolstenholm, Henderson and Gavine (1993), in their book “The evaluation of management information systems” describe five attributes of management information * Accessibility: Managers need to know that the information exists and how to obtain it.
Unit 7004: Strategic Information Management
Table of Content
What is Information Management | Page 3 | Importance of Information Sharing and Legal obligations for sourcing, storing and sharing information | Page 7 | Using Information for Strategic Decision Making | Page 14 | Monitoring and Reviewing Management Information | Page 17 | References | Page 19 |
What is Information Management
Information Management is the collection and management of information from one or more sources and the distribution of that information to one or more audiences.
Chaffey, D. & Wood, S. (2005) in their book “Business Information Management: Improving Performance Using Information Systems”, explain three key elements of Management information are 1. Data: Discrete, objective facts about events. Data is transformed into information by adding value through context, categorisation, calculations, corrections and condensation 2. Information: Organised data, meaningful and contextually relevant. Used for decision-making 3. Knowledge: The combination of data and information to which expert opinions, skills and experience is added to result in a valuable asset which can be used to make decisions
Impact of Management Information on Decision Making
Management Information is an integral part of the decision making process in any business enterprise. As explained in the introduction that management information is a combination of raw data put into useful information to provide adequate knowledge to the stake holders to make relevant business decisions.
There are three basic steps involved to above mentioned process.
Wolstenholm, Henderson and Gavine (1993), in their book “The evaluation of management information systems” describe five attributes of management information * Accessibility: Managers need to know that the information exists and how to obtain it.
References: Wolstenholme, J., Henderson, S. , & Gavine, A. (1993) “The Evaluation of Management Information Systems”, John Wiley &Sons Cashmore, C Robson, W. (1997) “Strategic Management and Information Systems”, Pearson Education Maceviciute, E & Wilson, T Laudon, K. & Laudon, J. (2002) “Management Information Systems”, Prentice-Hall, NJ Little, S Post, G. & Anderson, D. (2006) “Management Information Systems”, McGraw Hill, NY Checklist Chartered Management Institute Checklist (2010) “Gathering Competitive Intelligence”