Management 13th Edition Chapter 7 TCC MAN2021

Technological Competency
the ability to understand new technologies and to use them to their best advantage.
Information Competency
the ability to locate, gather, and organize information for use in decision making.
Analytical Competency
The ability to evaluate and analyze information to make actual decisions and solve real problems.
Data
Raw facts and observations.
Information
Data made useful for decision making. Anchor point for effective decision making.
Useful Data Criteria
1. Timely 2. High quality 3. Complete 4. Relevant 5. Understandable
Management Information Systems
Collect, organize, and distribute data for use in decisions making.
C-Suite team members of modern day
Chief Information officer, Chief Knowledge Officer, Chief Technology Officer, Chief Data Officer
Internal Information
flow: downward – form of goals, instructions, feedback. Horizontally – to assist in cross-functional coordination upward – performance reports, Suggested improvements, policy/personal disputes.
Intelligence Information
Information about and from external environment
Public Information
Distributed to external environment. Advertising, financial reports
Data Mining
Process of analyzing data to produce useful for decision making.
Big Data
Data collected in huge quantities and is difficult to mine
analytics
(business or management analytics) the systematic evaluation and analysis of data to make informed decisions
Chief Data Officer
New top management position appearing to oversee growing analytics departments devoted to processing big data.
Business Intelligence
Process of tapping information systems to extract data that is most potentially useful in decision making.
Executive Dashboards
Visually displays graphs, charts, and scorecards of key performance indicators and information on a real time basis.
Information impact on managers
Managers ore information processors. and nerve centers for planning, organizing, leading, and controlling
Information impact on Planning aspect on managing
Information used for entrepreneurship, resource allocation, negotiations, determining industry standards
Information impact on Organizing aspect of managing
Information used to locate resources, disturbance handling, product distribution
Information and Leading aspect of management
Gathering suggested improvements, tracking morale, networking,
Information and Controlling aspect of management
Identifying opportunities for improvements in production, resource procurement, markets
Problem Solving
Involves identifying and taking action to resolve problems
Decision
a choice among possible alternative courses of action
Performance threat
a situation in which something is obviously wrong or has the potential for such.
Performance opportunity
situation that offers the chance for a better future if the right steps are taken
Problem Avoiders
ignores information indicating a performance opportunity or threat
Problem solvers
Try to solve problems when they occur
Problem seekers
Constantly process information looking for problems before they occur
Systematic thinkers
Approaches problems in a rational and analytical fashion. Step-by-step, linear fashion works best when time is not a factor and there is a significant availability of information.
Intuitive thinkers
approach a problem in a flexible and spontaneous fashion. Works best in situations where facts are limited and there are few decision precedents. (IT’s) comfortable with abstract, unstructured situations. Idealistic, prone to theoretical and intellectual positions. Logical and impersonal.
Multidimensional thinking
an ability to view many problems simultaneously in relationship to one another and across both long and short time horizons
Strategic Opportunism
Ability to remain focused on long-term goals and stay flexible enough to resolve short-term problems.
Cognitive styles
Shown by ways individuals deal with information while making decisions
Sensation versus Intuition
Relative to tendencies toward information gathering
Feeling versus thinking
Relative to information evaluation
4 cognitive styles
Sensation Thinkers, intuitive thinkers, Intuitive feelers, sensation feelers
Sensation Thinkers
impersonal, realistic, certainty, high levels of control.
Intuitive feelers
IF’s prefer broad global issues, insightful, avoid details, comfortable with intangibles, value flexibility and human relationships
sensation feelers
emphasize analysis and human relationships, Have realistic approach prefers facts to speculation. Open communicators, sensitive to feelings and values.
Structured Problems
Straight forward and clear with respect to information needs. Routine problems
Unstructured problems
New or unusual situations characterized by ambiguities and information deficits.
Programmed decisions
applies a solution from past experiences to a routine problem
nonprogrammed decisions
applies a specific solution crafted for a unique problem.
Crisis Decision
occurs when an unexpected problem arises that can lead to disaster in not resolved quickly and appropriately
Problem solving environments
Certainty, risk, uncertainty
Certain environment
Full and completely factual information is available about alternative courses of actions and their outcomes.
Risk environment
Facts and information on action alternatives and their consequences are incomplete. Probable outcomes used to estimate the likelihood that a particular outcome will occur.
Uncertain environment
Decision maker doesn’t know all possible alternative courses of action and outcomes, even as to assign probability. Facts are few and information is poor.
Decision making process
5 steps: 1. ID and define problem. 2. Generate and evaluate alternative solutions. 3. Choose preferred course. 4. implement decision. 5. evaluate results