| Information Technology and Changing the Workplace | Information and the Management Process | Information and Managerial Decisions | The Decision Making Process | Issues in Managerial Decision Making |
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Understanding and effectively utilizing computers.
What is computer competency?
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Useful information meets the following criteria:
Timely: Available when needed and meets decision-making deadlines. High quality: Accurate, reliable, and inspires confidence. Complete: Comprehensive and up-to-date for the task at hand. Relevant: Appropriate and devoid of irrelevant elements. Understandable: Clear, easily comprehensible, and free from unnecessary detail.
Name and describe one part of the Useful Information Criteria.
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Programmed and Non-Programmed decisions.
What are the two types of managerial decisions?
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The decision making process consists of five steps.
How many steps are there during the decision making process?
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Simplifying strategies used in decision making but can lead to errors.
Define Heuristics
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Business-to-consumer (B2C):
Involves businesses selling directly to customers over the Internet. Business-to-business (B2B): Allows businesses to collaborate and conduct transactions with each other.
Name and describe one of the two major types of E-Commerce.
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Organizations today can collect raw facts about their consumers through analyzing demographic data such as age, income, education, and employment.
How can organizations collect Useful Information?
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Uncertainty Environment.
Risk Environment Certainty Environment
Name one of the three common decision making environments.
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Benefits
Costs Timeliness Acceptability Ethical soundness
What are two of the five criteria for Evaluating Alternatives?
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Patents
Intellectual property rights Trade secrets Special processes Collective knowledge of the workforce
Name three out of the five Intellectual Assets.
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IT breaks down barriers within organizations.
Enables communication and information sharing among different departments and locations. IT reduces the need for middle managers to facilitate information flows due to use of computers. Flatter organizations with fewer levels create competitive advantage through faster decision-making. IT plays a role in customer relationship management. Provides quick and accurate information about customer needs, preferences, and satisfaction. IT enables continuous and efficient monitoring of business contracts like outsourcing
Describe one way in which IT is changing organizations.
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Decision-making
Problem-solving Effective control
One example of what relevant data is required for.
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Problem seeking approach:
Actively processing information, constantly look for problems or opportunities, and take proactive action.
Describe a Problem Seeking Approach.
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Begin to Implement the Plan
What step must you take after deciding on an appropriate plan.
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Minority domination
Time required for discussion and dialogue can be costly in certain situations.
What are the disadvantages of Group Decision Making?
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IT enables dropshipping businesses to virtually monitor their outsourcing of products from suppliers such as Alibaba.
IT is used in today’s companies to gain information on consumers through online automated surveys after a customer completes a transaction. A question of rating service from 1 to 10 can be asked.
Provide a real-life example of IT changing organizations.
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Uses enterprise portals and supporting software for electronic business transactions.
Goals of EDI include: Improved transaction speed Cost savings. Walmart: is an advanced user of EDI, Requires suppliers to work electronically for order handling and delivery details.
What is EDI (Electronic Data Interchange) and which organization is known for using it?
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Uncertainty Environment.
In which decision making environment are facts limited?
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Step 1: Identify and Define the problem.
Clarifying goals by identifying what the decision should accomplish is what step in the decision making process?
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Framing Error
Occurs when a problem is evaluated and resolved based on positive or negative context. Which trap or error is this?
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Peer-to-peer file sharing (P2P)
Enables workers to share information and collaborate. Whiteboard and other application sharing programs encourage team communication and collaboration.
What does the acronym P2P in terms of IT stand for and explain its benefits.
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Group Decision Support Systems (GDSS):
Virtually assists group collaboration on complex problems. Without face-to-face meetings, GDSS software enables: Simultaneous access Information exchange Decision making Scheduling
Define and explain what Group Decision Support Systems are.
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More flexible, spontaneous, and creative, allowing for imaginative responses to problems based on quick evaluations and consideration of alternative courses of action.
Works best in high uncertainty situations with limited facts and few decision precedents.
Describe Intuitive Thinking.
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Make adjustments or take corrective action based on the evaluation findings.
What should you do if your results are not at the desired point?
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Anchoring and Adjustment Heuristic
Which Heuristic Involves making decisions based on adjustments to a previously existing value.
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