Information Based Decision Making Terms of Reference .................................................................................................... 3 1. Be able to identify and select sources of data and information ............................ 4 Data and Information .............................................................................................. 4 Characteristics of Good Information ............................................................................... 6 Sources
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the Business Dictionary (2013)‚ information refers to data that is accurate and timely‚ specific and organized for a purpose‚ presented within a context that gives it meaning and relevance and can lead to an increase in understanding and decrease in uncertainty. Information is valuable because it can affect behaviour‚ a decision or an outcome. For example‚ if a manager is told his/her company net profit decreased in the past month‚ he/she may use this information as a reason to cut financial spending
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Statistical Information HCS/438 April 15‚ 2013 University of Phoenix Statistical Information Statistical information is gathered in a multiple ways. Information is received and compiled into reports to be translated into a simpler more understandable form. The purpose of this paper is to Identify the types of statistical data collected in a workplace setting‚ including the information is collected‚ and to discuss the advantages of accurate interpretation of data. When explaining statistics
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For what decisions would estimated cost information be useful if you were a hospital administrator? The Director of a Cinema hall? The Marketing vice president of a bank? Cost information is the information about the different costs that are incurred in the operation of the organization or a business process. Here the cost includes all cost like material cost‚ labor costs‚ and all other overhead
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CHAPTER 11 DECISION MAKING AND RELEVANT INFORMATION 11-16 (20 min.) Disposal of assets. 1. This is an unfortunate situation‚ yet the $75‚000 costs are irrelevant regarding the decision to remachine or scrap. The only relevant factors are the future revenues and future costs. By ignoring the accumulated costs and deciding on the basis of expected future costs‚ operating income will be maximized (or losses minimized). The difference in favor of remachining is $2‚000: (a) (b) Remachine Scrap
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good step that provides insights into behaviour help people understand themselves as well as understanding other people that they are in daily contact with‚ so that they can find a way to making things work properly. The MBTI measures four preferences: Focus of attention‚ Acquiring information Making decisions‚ and External orientation.In my opinion this test is a very important step if you were in a position to select a team members or if you were a project manager and you want to select your
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Use of Statistical Information Statistics‚ as defined by Bennett‚ Briggs and Triola (2003) "is the science that helps us understand how to collect‚ organize and interpret numbers or other information (data) about some topic‚" (pg. 2). Statistics is an essential component in the ultimate delivery of health care. Health care professionals no longer live in the mindset where procedures are done simply because they have always been done that way; rather the current trend is leaning towards evidence-based
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Uses of Statistical Information Jean Matsche University of Phoenix Statistical Applications Tammy Czarnecki October 5‚ 2007 Uses of Statistical Information The expansion of the responsibilities of nurses‚ the nursing shortage‚ and increasing specialization make it more important than ever that nursing practice be evidence-based (Understanding Nursing Research‚ 2007). This expectation has made it evident that clinical nurses acquire skills in reading and evaluating the results of statistical
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approach complies with the GAAP so it can be used to satisfy conventional financial reporting requirements. On the other hand‚ accounting standard board does not accept ABC to prepare financial statements so it can be useful for internal management decision. Under conventional system‚ there are similarities between job costing‚ process costing and operating costing. Firstly‚ they accumulate product costs throughout the production process and
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Solution : TYPES OF DECISION MAKING WITH AN EXAMPLE Irreversible These are type of decisions‚ which if made once cannot be undone. Whatever is decided would then have its repercussions for a long time to come. It commits one irrevocably when there is no other satisfactory option to the chosen course. A manager should never use it as an all-or-nothing but instant escape from general indecision. Reversible These are the decisions that can be changed completely‚ either before‚ during or after the
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