Information Based Decision Making

Only available on StudyMode
  • Download(s) : 1408
  • Published : June 1, 2012
Open Document
Text Preview
Level 5: Diploma in management and leadership|
Unit 5002 - Information based decision making
|
Stockton Riverside College|

Michelle Morgan
4/1/2012
|

Contents
Introduction3
Be able to identify and select sources of data and information4
Be able to analyse and present information to support decision making7
Be able to communicate results of information analysis and decisions12
Appendices14
Bibliography14

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, this could be text books, magazine articles even encyclopaedias.

Information can also be tacit, this information is hard to verbalise or write down, it is a mix of past experience and insight or intuition. It can be described as "know-how", for example riding a bike, the rider knows that to ride a bike you must be able to balance. If the bike leans to the left then this must be corrected by leaning to the right but only the rider knows this balance, although someone else would know this formally it would not help the rider. The example below from the Pathways booklet shows how tacit knowledge can be viewed. [ (Chartered Management Institute, 2008) ]

To evaluate sources of data and information you should consider the following. The information should be;
* Relevant
* Current
* Adequate
* Timely
* Reliable
* Cost-effective

Quality information be;
* The right information
* The right amount
* To the right person
* At the right time
* In the right form
* At the right cost

An example of good, quality information can be seen in figure 1. This information is gained from our planning system, it looks at the amount of time needed to kit a card and the number of cards needed to be kitted each day and helps the department team leader plan where the resources for that day should be allocated. It does not have a lot of unnecessary information to be sorted through and comes directly from the team planners so is a primary source of information and would also be classed as quantitative as the information comes in the form of figures.

An example of information which I believe could be improved is shown in figure 2. This is an email from a member of staff to advise that another member of staff is having issues with a department. Firstly this information is secondary and open to interpretation by the person conveying this information and this information is qualitative giving a personal opinion of what the issues might...
tracking img