...appropriateness of business information used to make strategic decisions In this task I will be evaluating the appropriateness of business information used to make strategic decisions. The organisation I will be relating to when giving examples is Apple. When a business produces a strategy they are producing a large scale plan with plans to achieve one or more goals set by the business by using strategic decisions. The factors that affect the plan in both negative and positive ways are uncertain. When making a strategic plan a business will have to take into account all factors and plan for them. Strategy is crucial for a business as not only does it give them a sense of direction and a set of goals to achieve, but also resources are usually limited so using a strategy will help to guide the business and make the best use of the resources that they have. Strategy allows a business to see where they are going with the business; it gives them an indication of how well or bad they are doing as well as if they’re meeting their targets they set out for themselves. If a business is doing better than they expected from their plan, then the business could modify the plan again so that the targets are realistic for them which will mean that they could aim for something higher. Strategy will have a very strong financial implication on a business because money is commonly what permits a business to grow and expand. Additionally, most businesses have plans from the minute they start up a business to know...
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...Level 3 Unit 1-D1 Evaluate the influence different stakeholders exert in one organisation Every organisation has stakeholders, these are groups or individuals that affect or are affected by the business. The number of stakeholders of a business varies as does their importance and influence. The type of organisation and the product or service it supplies also determines its stakeholders. An organisation such as Coca-Cola has far more stakeholders than a family business; it is therefore much more influenced and affected by the actions, aims and objective of its stakeholders. In this report I will evaluate the influence of some stakeholders; Employees and Suppliers of Coca-Cola. Employees Employees are very influential stakeholders of Coca-Cola and they are one of the most important for the running of the organisation. Coca-Cola has around 146,200 worldwide employees who have a high impact on the organisation. Satisfaction and performance of employees fully depends on the way human resources are managed in the company. Employee’s main interests are salaries, wages and job satisfaction; all these influence the company’s staff turnover, industrial action and the quality of the product and/or service. Coca-Cola must consider a lot of factors when employing new staff and managing the existing staff. Employees can affect and influence in various way and due to various reasons, some of which are: skills and qualifications, personal views and opinions, employee performance, training...
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...When a business forms a strategy they are producing a large scale plan with plans to achieve one or more goals set by the business. The factors that affect the plan, in both negative and positive ways, are uncertain. So when making a strategic plan a business will have to take into account all factors and plan for them. Strategy is imperative for a business as not only does it give them a sense of direction and some goals to achieve, but also resources are usually limited so you have to a strategy will help to guide the business and make the best use of the resources that they have. Strategy give the business direction, it helps them to see whether they are over achieving/under achieving and meeting the goals they have set themselves. If a business is doing well and surpassing the expectations of their plan, then they can alter it accordingly and set themselves new targets, aiming higher. It will also have very strong financial implications, as money is generally what allows a business to do research, grow and expand. Plans will be put in place by most businesses governing what they spend their money on, what they need for expenses and what they can use in order to develop. The Human Resource (HR) sector of a business has various roles and responsibilities within a business. They are largely involved with the recruitment process within a business. This means that they will also be responsible for spotting talent internally and externally from the business. They also have to...
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...Analyse different types of business information and their sources/ D1 Evaluate the appropriateness of business information used to make strategic decisions. YOU WILL NEED TO GET A HOLD OF ACTUAL INFORMATION FOR YOUR BUSINESS!! So to look at sources of information that are useful in decision making (so a list of decisions that are made would be useful), taking into account the nature of the information, their source, and the reliability… Have the layout of Page 131 open when you are doing this section. It follows on from P1 – where you described pieces of information and where they came from and what the purpose of each piece of information was. 1. You are re – looking at that list of information to further analyse them. You analyse the different types of business information you chose for P1, give a detailed explanation of the types of information and their sources. 2. You discuss which sources are most useful for decision making, taking into account the nature of the information, their source, and the reliability of the sources. 3. STRUCTURE: You may wish to start with a discussion on how to make a decision – the step by step journey – from identifying a problem / aim to reviewing the impact of the decision. E.G. as shown in https://www.mindtools.com/pages/article/newTED_00.htm . But remember the focus is on analysing the information used in this decision making process. So what information would you use at each stage of this decision making process. 4. So...
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...BRAESIDE HIGH SCHOOL BTEC Extended Diploma (Level 3) Business Unit 4- Business Communication ASSIGNMENT BRIEF 1-TYPES OF INFORMATION TUTOR: Mr E. ROTICH LAUNCH DATE: 5/09/2013 SUBMISSION DATE: 16/09/13 This assignment brief assesses the following criteria: P1 Explain different types of business information, their sources and purposes.M1 Analyse different types of business information and their sources.D1 Evaluate the appropriateness of business information used to make strategic decisions. | Scenario: You have been asked to carry out an audit on the types of information used within a business to report back to management on the range of information used, the way in which it is used, and the appropriateness of information used in decision making. Task One P1 Explain different types of business information, their sources and purposes Write a report to show the results of your investigation into information in an organisation of your choice. In order to do this you should complete the following activities. * Complete a table like the one below to show types, sources and purposes of information used within the organisation. Try to include at least two examples of each type of information. Type of Information | Example | Description | Purpose | Source | Verbal | | | | | Written | | | | | On-Screen | | | | | Multimedia | | | | | Web-based | | | | | * Where possible cross reference your example to evidence of...
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...evaluating the appropriateness of business information used to make strategic decisions for my chosen company which is Nervi College. For my chosen company I will be choosing 2 functional areas which are the sports department and the senior management team. The information that this functional area needs and uses The sports department need information from students to show external fund supporters how the funds are being used to provide equipment and facilities for students to use in the college. The sports department obtains this information by collecting data on students that use sports equipment or enter facilities like the gym. Also this data helps the sports department know what sort of things students are interested in. The information collected from students that borrow sports equipment or enters a sport facility like the gym is reliable as students wear their ID cards which help identify the student to the sports department. The sports department uses surveys data that help the college on up to date things or changes that are happening outside the college and also identify gaps in their owns systems. The strategic decision Made by this functional area The strategic decision made by the sports department is to increase the size of the college gym. They have come to this strategic decision as the gym was always crowded and students were complaining a lot also the sports department have come to this decision via the information they gathered on a college survey...
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...Functions | 12 | Applications Based on MIS | 18 | References | 20 | Introduction Management information system broadly refers to a computer-based system that provides managers with the tools to organize, evaluate and efficiently manage departments within an organization. MIS, or Management Information Systems, are used to manage the data created within the structure of a particular business. These systems store the data and allow the business to manipulate this data. It is the study of people, technology, organizations and the relationship among them. MIS can be defined as the study of how individuals, groups and organizations evaluate, design, implement, manage and utilize systems to generate information to improve efficiency and effectiveness of decision making. The concept of MIS gives high regard to the individual and his ability to use information. While analyzing the data, it relies on many academic disciplines. These include the theories, principles and concepts from the Management Science, Psychology and Human Behavior, making the MID more effective and useful. These academic disciplines are used in designing the MIS, evolving the decision support tools for modeling and decision - making. The concept, therefore, is a blend of principle, theories and practices of the Management, Information and System giving rise to single product known as Management Information System (MIS). The Physical view of the MIS can be seen as assembly of several...
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...LQUESTION Describe the strategic role of information in an organization. INFORMATION This script purposely focuses attention on the definition of information, its characteristics, classification, functions and the strategic role it plays in an organization. Information is a 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. The functions and importance of information to an organization cannot be overemphasized. According to Davis and Olson: “Information is a data that has been processed into a form that is meaningful to recipient and is of real or perceived value in the current or the prospective action or decision of recipient.” Information is also described as data that has been processed in some manner into a form that is both usable and meaningful to the end user. Information therefore is data that has been processed, organized, structured or presented in a given context so as to make them useful. The value of information lies solely in its ability to affect a behavior, decision or outcome. A piece of information is considered valueless if, after receiving it, decisions that information is supposed to influence remain unchanged. Information is a most critical resource of the organization. Managing the information means managing future. Information is knowledge that one derives from facts placed in the right...
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...Mizayen 1. What is CI? he process of collecting and analyzing information about competitors’ strengths and weaknesses in a legal and ethical manner to enhance business decision-making. Competitive intelligence activities can be basically grouped into two main types – 1) Tactical, which is shorter-term and seeks to provide input into issues such as capturing market share or increasing revenues; and 2) Strategic, which focuses on longer-term issues such as key risks and opportunities facing the enterprise. Competitive intelligence is different from corporate or industrial espionage, which use illegal and unethical methods to gain an unfair competitive advantage. Competitive intelligence means different things to different people within an organization. For example, to a sales representative, it may mean tactical advice on how best to bid for a lucrative contract. To top management, it may mean unique marketing insights to gain market share against a formidable competitor. The ultimate end goal of competitive intelligence is to help make better decisions and enhance organizational performance. While most companies can find substantial information about their competitors online, competitive intelligence goes way beyond merely trawling the Internet, on the premise that the most valuable information is seldom – if ever – easily accessible online. A typical competitive intelligence study includes information and analysis from numerous sources. These include the news media...
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...15 Management Accounting and Decision-Making Management accounting writers tend to present management accounting as a loosely connected set of decision‑making tools. Although the various textbooks on management accounting make no attempt to develop an integrated theory, there is a high degree of consistency and standardization in methodology of presentation. In this chapter, the concepts and assumptions which form the basis of management accounting will be formulated in a comprehensive management accounting decision model. The formulation of theory in terms of conceptual models is a common practice. Virtually all textbooks in business administration use some type of conceptual framework or model to integrate the fundamentals being presented. In economic theory, there are conceptual models of the firm, markets, and the economy. In management courses, there are models of organizational structure and managerial functions. In marketing, there are models of marketing decision‑making and channels of distribution. Even in financial accounting, models of financial statements are used as a framework for teaching the fundamentals of basic financial accounting. The model, A = L + C, is very effective in conveying an understanding of accounting. Management accounting texts are based on a very specific model of the business enterprise. For example, all texts assume that the business which is likely to use management accounting is a manufacturing business. Also, there is unanimity in assuming...
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...Strategic Knowledge Management What is it and why is it important? Summary Knowledge is re-usable. Knowledge is different from information. Both are needed for effective decision making. Knowledge of a domain helps identify which information is relevant. Strategic Knowledge Management addresses the four major weaknesses in the strategic decision making process. Strategic Knowledge Tools require explanatory power. Fuzzy logic provides this. 1. Knowledge - What is it? A successful business makes good decisions, implements them well - and then learns from the experience in order to do better next time. To make a good decision, one needs not only information about the specific instance, but also an understanding of the domain. In other words, one needs a set of principles, models, templates or other abstractions. These abstractions are then re-usable for making new decisions with different information. Knowledge is re-usable - unlike information which relates to specific instances. Knowledge is a set of re-usable abstractions that assist understanding and provide meaning to decision-making. Information is about specific instances and is the raw material of particular decisions. For instance: Consider a civil engineering business that builds bridges. Its knowledge is in its understanding of how to build bridges, how to manage projects, how to handle finance etc. This knowledge is re-usable. Its information is about specific bridges, budgets...
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...the business they need the tools to obtain information that can be used to make decisions for the business. The decisions to make in a business can consist of knowing what geographic region to focus on, which product lines to expand, and what markets to strengthen in the industry. To obtain the type of information that has the proper content and format that can assist with strategic decisions they turned to data warehousing. It became the new paradigm intended specifically for vital strategic information. Businesses are always looking for ways to increase customer sales or the customer base, and in most cases they set a percentage along with a period of time to meet the goal. Making these types of decisions in regard to the objectives may executives, and managers need information for the purpose of getting knowledge of the company’s operations, review and monitor key performance indicators and their affect on one another. Keeps track of how business factors change over time, compare the company’s performance relative to competition and to industry benchmarks. The executives and managers main focus is on the customer’s needs and preferences, emerging technology, sales and marketing results, quality of products, and services. The information to make these types of decisions is broad based and encompasses the entire organization. The strategic information is not intended for running the day to day operations of a business or to produce information such as invoices, make a shipment...
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...Chace Community School- BTEC Business Assessment Front Sheet |Name | |Form | | |Course |BTEC Level 3 Extended Diploma in Business | |Unit |Unit 4 |Assignment Title |Understanding Business Information | |Assessor | | |Issue Date | |Submission Date | | |Grading Criteria |P1, M1, D1 | |Resources |Text, Internet, Lesson Notes | |Available | | Assessment Title: Assignment One “Understanding Business Information” In this assignment you will have the opportunity to provide evidence against the following criteria. |Criteria Reference |To Achieve Criteria the evidence must show that you can: |Task # |Links to PLTS ...
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...A management information system (MIS) provides information that organizations require to manage themselves efficiently and effectively. Management information systems are typically computer systems used for managing five primary components: 1.) Hardware, 2.) Software, 3.) Data (information for decision making), 4.) Procedures (design, development and documentation), and 5.) People (individuals, groups, or organizations). Management information systems are distinct from other information systems, in that they are used to analyze and facilitate strategic and operational activities. Academically, the term is commonly used to refer to the study of how individuals, groups, and organizations evaluate, design, implement, manage, and utilize systems to generate information to improve efficiency and effectiveness of decision making, including systems termed decision support systems, expert systems, and executive information systems. Most business schools (or colleges of business administration within universities) have an MIS department, alongside departments of accounting, finance, management, marketing, and sometimes others, and grant degrees (at undergrad, masters, and PhD levels) in MIS. Management Information Systems (MIS) is the study of people, technology, organizations and the relationships among them. MIS professionals help firms realize maximum benefit from investment in personnel, equipment, and business processes. MIS is a people-oriented field with an emphasis on service...
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...Unit 4 D1: Evaluate the appropriateness of business information used to make strategic decisions. Strategic decisions are major decisions that can affect the direction of the business over future months and years. These decisions can be tactical decisions such as factory layout, factory processes or operational decisions such as increasing staff on projects/lay off. This is Tesco’s Profit and Loss account. As you can see the profit and turnover has increased from the previous year of 2013. The turnover represents how much of the stock is sold. This information can then be used by the people at the top of the business such as Chief Executive or directors or board directors to make strategic decisions. Since Tesco has made a profit and their profit has increased from the previous year. This then allows Tesco to have more money to spend. The directors may want the business to expand by creating more stores or improve their current stores with new equipment. They also may use this information to make investments in departments within the business to improve the business overall. Since they have more money to spend they may also want to increase their Tesco product range or diversify in another market or even increase the amount they pay their employees. If they had a loss then Tesco directors may want to close down stores to hopefully break even in the future. They may even make tactical decisions to help save money by buying cheaper equipment or recycling old equipment. The...
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