Decision Making Stages Essay

Decision make ( end from Latin decidere to decide, de bournine, liter every(prenominal)y to cut off, from de- off and caedere to cut) batch be regarded as the noetic delayes (cognitive process) resulting in the selection of a course of action among several ersatz scenarios. Every conclusiveness making process produces a final choice.1 The rig can be an action or an opinion of choice. * Decision making giftsDeveloped by B. Aubrey Fisher, there ar four coiffures that should be affect in all stem decision making. These stages, or sometimes called phases, ar grand for the decision making process to begin Orientation stage This phase is where members meet for the first time and start to get to lie with each opposite. Conflict stage Once group members become b wareen(prenominal) with each other, disputes, little fights and arguments occur. Group members eventually work it out. Emergence stage The group begins to clear up vague opinions by talking roughly them. Reinf orcement stage Members finally make a decision, date justifying themselves that it was the decently decision. It is said that critical norms in a group improves the pure tone of decisions, while the majority of opinions (called consensus norms) do non. This is due to collaboration between one another, and when group members get utilise to, and familiar with, each other, they will tend to deal and micturate to a greater extent of a dispute to agree upon one decision. This does not mean that all group members richly agree they may not want argue further just to be liked by other group members or to fit in.12Q2A care randomness outline (MIS) is a trunk that offers culture needed to contend organizations effectively. Management culture dodges are regarded to be a subset of the overall ingrained controls procedures in a dividing line, which cover the application of people, documents, technologies, and procedures use by focussing accountants to solve business problem s such(prenominal) as existing a product, usefulness or a business-wide strategy. Applications of MIS With figurers being as ubiquitous as they are today, theres hardly any heavy(a) business that does not rely extensively on their IT systems. However, there are several peculiar(prenominal) fields in which MIS has become invaluable. Strategy Support While reckoners cannot create business strategies by themselves they can assist management in ground the effects of their strategies, and help enable effective decision-making. MIS systems can be apply to transform data into cultivation useful for decision making. Computers can proffer monetary statements and performance give notice (of)s to assist in the grooming, monitoring and implementation of strategy.MIS systems offer up a valuable function in that they can collate into crystalline reports unmanageable volumes of data that would otherwise be broadly useless to decision makers. By studying these reports decision-make rs can identify patterns and trends that would have remained unseen if the stark data were consulted manually. MIS systems can also use these raw data to speed simulations hypothetical scenarios that answer a range of what if questions regarding alterations in strategy. For instance, MIS systems can show predictions about the effect on sales that an alteration in worth would have on a product. These Decision Support transcriptions (DSS) enable to a greater extent informed decision making within an enterprise than would be attainable without MIS systems.Q3 breeding Resources Management (IRM) is an emerging discipline that helps managers assess and exploit their data assets for business development. It draws on the techniques of discipline science (libraries) and study systems (IT related). It an important intromission for friendship management, in that deals systematically with explicit intimacy. K directlyledge centres often romp an important piece in introducing IRM into an organization.Identification-* Identifies gaps and duplication of selective information* Clarifies roles and responsibilities of owners and exploiters of information* Provide costs saving in the procurement and handling of information* Identifies cost/benefits of different information resources* Actively supports management decision processes with quality information Development -1. Understand the role of Information.Information can gibe value to your products and services. Improved information flows can improve the quality of decision making and internal operations. Yet many another(prenominal) managers do not fully understand the real impact of information the cost of a incapacitated opportunity, of a poor product, of a strategic mistake all risks that can be reduced by using the appropriate information.2. Assign duty for Leading your IRM Initiative.Developing value from information resources is often a responsibility that falls between the cracks of several depart ments the user departments in different business units, and corporate prep, MIS units or librarians..3. Develop Clear Policies on Information ResourcesPolicies for ascertaining information needs, acquiring and managing information throughout its life cycle. Pay especial(a) assist to ownership, information integrity and manduction. Make the policies consistent with your organisational culture. 4. Conduct an Information canvass (Knowledge Inventory).Identify current acquaintance and information resources (or entities), their users, usage and importance. Identify sources, cost and value. Classify information and familiarity by its aboriginal attri savees. Develop companionship maps. As acquaintance management gains prominence, this is sometimes called a knowledge inscription knowing what you know.5. Link to Management Processes.Make sure that key decision and business process are supported with full(prenominal) supplement information. Assess each process for its informati on needs.6. Systematic scanning.Systematically scan your business environment. This includes the wider environment legal and regulatory, political, social, economic and technological as well as the inner environment of your industry, markets, customers and competitors. Provide selective and tailored spreading of vital signs to key executives. This goes beyond the daily abstracting service provided by many suppliers. 7. Mix hard/soft, internal/ out-of-door.True patterns and insights emerge when internal and external data is juxtaposed, when hard data is evaluated against qualitative analysis. Tweak your MkIS system to do these comparisons. 7. Optimize your information purchases.You dont have to control purchasing, but most organisations do not know how much they are very spending on external information. By treating consultancy, market research, library expenses, report and databases as separate categories, many organisations are confusing media with content. 8. Introduce tap and refining processes.Good information management involves data mining, information refining and knowledge editing. You can use technology such as intelligent agents, to help, but ultimately subject matter experts are needed to repackage relevant material in a user gracious format. One useful technique is content analysis, whose methods have been developed by Trend Monitor International in their Information Refinery, and are used in our analysis services. The classifying, synthesising and refining of information combines the crafts of the information scientist, librarian, business psychoanalyst and market researcher/analyst. Yet many organisations do not mingle these disciplines.9. Develop Appropriate Technological SystemsContinual advances in technology annex the opportunities available for competitive advantage through effective information management. In particular, intranets, groupware and other collaborative technologies make it possible for more widespread sharing and coll aborative use of information. Advances in text retrieval, document management and a host of other trends in knowledge management technologies have all created raw(a) opportunities for providers and users alike.10. solve technology convergence.Telecommunications, office systems, publishing, documentation are converging. Exploit this convergence through open networking, using facilities such as the mankind Wide Web, not just for external information dissemination but for sharing information internally.11. Encourage a Sharing CultureInformation acquires value when turned into intelligence. Market Intelligence Systems (MkIS) are human expert-centred. lancinating information needs interpretation, discussing and analysing teams of experts, offering different perspectives. This know-how sharing is a hall-mark of prospered organisations.Q4Mis use in financial managementManagement Information Systems (MIS) in Finance have been widely adopted both by corporations as well as governments. They are information systems with capacity to maintain full-grown data bases enabling organizations to store, organize and access financial information easily.1. habitual Ledger* The main use of a management information System (MIS) in finance is that it automatically updates all the transactions in the ecumenical Ledger. The General Ledger is the core component of all financial information systems. Financial transactions are simultaneously posted on the discordant accounts that comprise the organizations Chart of Accounts. Simultaneous updating of accounts such as sales, inventory and accounts receivable, reduces errors. It also provides an accurate and permanent record of all historical transactions.Cash Management* Cash flow management is an important use of MIS in Finance. Cash Management refers to the control, monitoring and forecasting of silver for financing needs. drug abuse of MIS in Finance helps companies track the flow of exchange through accounts receivable and accounts payable accurately. Accurate records also help in monitoring cost of goods sold. This can help pin point areas that eat up cash flow such as inventory costs, high raw material costs or unreliable sales.* Sponsored Links* CFP support courseICICIdirect experts help you become a Certified Financial Planner.Apply www.icicidirect.com/CFP compute Planning* Financial budget planning uses proforma or projected financial statements that serve as as formal documents of managements expectations regarding sales, expenses and other financial transactions. Thus financial budgets are tools used both for planning as well as control. MIS in finance helps organizations evaluate what if scenarios. By modifying the financial ratios, management can foresee the effects of various scenarios on the financial statements. MIS thus serves as a decision making tool, fortune in choosing appropriate financial goals.Financial Reporting* The use of MIS systems in Finance enables companies to generate mul tiple financial reports accurately and consistently. Generation of financial statements both for internal reports as well as for shareholder information takes less effort because of the automatic updating of the General Ledger. Compliance with government regulations as well as auditing requirements is also easier because the records are accurate and provide a permanent historical map of transactions that can be verified.Financial Modeling* A financial stupefy is a system that contains mathematics, logic and data in the form of a large database. The model is used to manipulate the financial variables that affect earnings thus enabling planners to view the implications of their planning decisions. MIS in Finance enables organizations to store a large amount of data. This helps managers develop accurate models of the external environment and thus incorporate realistic what if scenarios into their long-range planning goal.PRODUCTION MANAGEMENTProduction actor transformation of Raw m aterials into finished products for sale. According to E. L. Brech, Production Management is the process of effective planning and regulating the operations of that section of an enterprise which is accountable for the actual transformation of materials into finished products.1.Statergic planning2 tactical planning3 operational procedure.Q5computer programs that are derived from a branch of computer science research called Artificial Intelligence (AI). AIs scientific goal is to understand intelligence by building computer programs that video display intelligent behavior. It is concerned with the concepts and methods of symbolic inference, or reasoning, by a computer, and how the knowledge used to make those inferences will be represented inside the machine. Of course, the term intelligence covers many cognitive skills, including the ability to solve problems, learn, and understand spoken language AI addresses all of those. The Building Blocks of Expert SystemsEvery expert system consists of two principal parts the knowledge base and the reasoning, or inference, engine. The knowledge base of expert systems contains both factual and heuristic knowledge. Factual knowledge is that knowledge of the task domain that is widely shared, typically found in textbooks or journals, and commonly agreed upon by those knowledgeable in the particular field.Heuristic knowledge is the less rigorous, more experiential, more judgmental knowledge of performance. In contrast to factual knowledge, heuristic knowledge is rarely discussed, and is mostly individualistic. It is the knowledge of good practice, good judgment, and plausible reasoning in the field. It is the knowledge that underlies the art of good guessing. Knowledge representation formalizes and organizes the knowledge. One widely used representation is the production rule, or simply rule. A rule consists of an IF part and a THEN part (also called a condition and an action).ExampleRoboticsUse of robots for example, in industry, health, warfare, airlines, space, underwater explorationQ6An integral part of any eBusiness system is its database. However, an advanced study of implementing databases is beyond the scope of this course. Here, for now, we are concerned with reasonableness the role that a database plays in an ebusiness system and in gaining an appreciation for the comparative approach to managing data. A relational database turns raw data into persistent integrated collections of information. In addition to managing information a database defines the relationships within an ebusiness system.The MIS is supported by database in its endeavor to support the management in decision making. The database models be it the NDBM, the HDBM or the RDBM, play the same role in the MIS. With the latest computer hardware and software capabilities the RDBMS have become popular. The concept of the end user deliberation can be implemented easily with the database approach to the information system. With t he database approach, considerable data processing efforts, which were spent in the approach of the courtly system, are saved. The data is made independent of its application.The MIS aims have become more dependable due to the database and the SQL. The rigidity of the design is replaced by the flexibility of the design. It is now possible to review the applications more frequently from the point of view of utility and have them modified, if necessary.The database has strengthened the foundations of the MIS due to the following* The database can be evolved to the new needs of the MIS.* The multiple needs can be met with easily.* The data design and the output design is flexible* Open system design of the MIS is possible.* The doubtfulness handling becomes easier due to the Standard SQL.* User-friendly end user computing is possible.* The data is freed from its ownership and its use has become universal. * The Information Technology provides tools to handle distributed multiple da tabases making the MIS richer.