Types of Information Management - Copy

7/28/2019 Types of Information Management - Copy

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Using Advanced InformationTechnology to Increase

Performance


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Information and the Managers Job

Data

Raw, unsummarized, and unanalyzed facts.

Information Data that are organized in a meaningfulfashion


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Attributes of Useful Information

Attributes

Quality The accuracy and reliability of availableinformation affects the quality of decisions thatmanagers make using the information.

Timelessness The availability of real-time information thatreflects current conditions allows managers tomaximize the effectiveness of their decisions.

Completeness Complete information allows managers toconsider all relevant factors when making

decisions.

Relevance Having information specific to a situation assistsmanagers in making better decisions.


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Discussion Question

Which factor is most important in affecting

the usefulness of information?

A. Quality

B. Timeliness

C. Relevance

D. Completeness


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Factors Affecting the Usefulness of

Information

Figure 18.1


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What is Information Technology?

Information Technology set of

methods or techniques for acquiring,

organizing, storing,

manipulating, andtransmitting

information


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Question?

What is the specific form of IT that

managers utilize to generate the

detailed information they need to

perform their roles effectively?

A. Management information system

B. Decision support system

C. Decision information system

D. Management support system


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Management Information System

specific form of IT that managers utilize

to generate the specific, detailed

information they need to perform theirroles effectively


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Managers need information for three

reasons:

1. To make effective decisions

2. To control the activities of the organization

3. To coordinate the activities of the

organization


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Information and Decisions

Most of management is about making

decisions

To make effective decisions, managers

need information, both from inside and

outside the organization


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Information and Control

Managers achieve control by:

1. Establishing measurable goals

2. Measuring actual performance

3. Comparing actual performance withgoals

4. Taking any corrective action


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Information and Coordination

Coordination problems that managers

face in managing global supply chains

are increasing

Managers have adopted sophisticated IT

that helps them coordinate the flow of

materials, semifinished goods, and

finished goods throughout the world


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The Effects of Advancing IT

IT revolution began with the

development of the first computers

Modern computers can read, process,

and store billions of instructions per

second

This power forms the foundation of the

ongoing IT revolution


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Products resulting from advancing IT

Powerful microprocessors and PCs, high-

bandwidth wireless smart phones,

sophisticated word-processing software,expanding computer networks, inexpensive

digital cameras, useful online information

and retailing services


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IT helps create new product

opportunities that managers and their

organizations can take advantage of

IT creates new and improved products

that reduce or destroy demand for older,

established products


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IT and the Product Life Cycle

Product Life Cycle

Refers to the way in which the demand for a

product changes in a predictable way over

time


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A Product Life Cycle

Figure 18.2


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Embryonic stage

Product has yet to gain widespread

acceptance

Customers are unsure what a product has

to offer

Growth stage

Many consumers are buying the product forthe first time

Demand increases rapidly


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Mature stage

Market peaks because most customers

have already bought the product

Demand is typically replacement demand

Decline stage

Advancing IT leads to the development of a

more advanced product making the old oneobsolete


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Advances in IT are one of the most

important determinants of the length of a

products life cycle

The shorter the length of a products life

cycle because of advancing IT the more

important it is to innovate products

quickly and continuously

Types of Information Management - Copy

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