A. What is information overload?
: When information comes in faster than our brain can process it. Information overload occurs when the volume of the information supply exceeds the limited human information processing capacity.
What causes it?
: Personal factors, information technology, organizational design, task and process parameters, and information characteristics.
What are its affects?
: Stress and confusion are some of the results.
How can decision makers deal with information overload in their personal life? Allow more time to complete important tasks.
Compress, aggregate, categorize, and structure information
Create small, self-contained tasks rather than trying to do everything at once Define decision models and rules for common decision contexts Focus on creating value added information
B. Explain the idea of knowledge management.
Knowledge management: The process through which organizations generate value from their intellectual and knowledge-based assets.
Why is it important?
It changes the way organizations and individuals function. It helps prevent people from satisficing and bounded rationality, as well as relapse errors.
What are some techniques to manage knowledge?
To create knowledge repositories
To improve knowledge access
To enhance the knowledge environment
To manage knowledge as an asset
C. Summarize the ideas and steps associated with Wolcott and Lynch’s Steps for Better Thinking. Foundation: Knowing – acquire background knowledge and skills Identifying – identifying the problem, relevant information and uncertainties Exploring – interpret and organize the information
Prioritizing – prioritize factors to consider, choose, and implement solutions Envisioning – deal with limitations to solution and use information to inform future decisions.
The problem with the paper based accounting information system is that it is not the most accurate or efficient way of collecting and...
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