...it further to guide business decision making. A research is mainly done to handle uncertain decisions and uncontrollable situations. A research always helps the managers in providing useful and timely information. The main purpose of any research is to provide accurate, timely, appropriate and relevant information to the top management for further decision making. A research is mainly done to discover new knowledge or interpretation and establish facts in a particular field. The research process involves various steps that helps the organization to investigate a problem or look for an opportunity facing the organization. The steps...
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...Decision making is a vital component of small business success. Decisions that are based on a foundation of knowledge and sound reasoning can lead the company into long-term prosperity; conversely, decisions that are made on the basis of flawed logic, emotionalism, or incomplete information can quickly put a small business out of commission (indeed, bad decisions can cripple even big, capital-rich corporations over time). All businesspeople recognize the painful necessity of choice. Furthermore, making these choices must be done in a timely fashion, for as most people recognize, indecision is in essence a choice in and of itself—a choice to take no action. Ultimately, what drives business success is the quality of decisions, and their implementation. Good decisions mean good business. The concept of decision making has a long history; choosing among alternatives has always been a part of life. But sustained research attention to business decision making has developed only in recent years. Contemporary advances in the field include progress in such elements of decision making as the problem context; the processes of problem finding, problem solving, and legitimation; and procedural and technical aids. THE ELEMENTS OF DECISION MAKING THE PROBLEM CONTEXT All decisions are about problems, and problems shape context at three levels. The macrocontext draws attention to global issues (exchange rates, for example), national concerns (the cultural orientations toward decision processes...
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...Decision to Buy a Business in Urban Entrepreneurship: A Process Perspective and Contextual Influence by Edwin Lee, Theresa Lau and K.F. Chan _______________________________________ This paper examines the decision making process of buying a business in urban entrepreneurship. A conceptual framework is developed to explain the buying behavior with reference to strategic decision making process. The: rational, emotional and dependent decision making process is hypothesized to relate to decision outcome of buying a business. When making a strategic decision which involves a large amount of money, other contextual factors also affect one’s decision. Among them, economic environment, relevant experience and investment budget are of particular importance. This paper also examines how the contextual factors affect the decision outcome of buying a business. By understanding the interrelationships, we can make a theoretical and practical contribution to the field of urban entrepreneurship, illustrating how entrepreneurial decision making process and the contextual factors are linked to the outcome of buying a business. _______________________________________ Edwin Lee is the founder and CEO of Hong Kong Business Intermediary Company Limited and a DBA student in Hong Kong Polytechnic University Theresa Lau is the associate professor at Department of Management and Marketing, Hong Kong Polytechnic University. K. F. Chan is the associate professor at Department of...
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...Information for Managers To Make Better Decisions 1 Abstract This paper analysis how the accounting information would support the decision making process. The main goal of an accounting system is to provide financial information about the organization including financial situation and the performance of the organization. The decision makers should know the situation of the organization either by comparing competitors or previous periods’ performance in order to achieve the objectives of the company and this being possible by using accounting information. In addition, this thesis studies the importance of having effective and efficient accounting system to make better decision as it relates to increase the profitability target of an organization. Organizations should replace their weak accounting system in order to ensure that each team member in the Accounts Department is conscious of their role to produce good accounting information (1, Okoli Margaret). The result of this paper describes that providing right information to the right people in time via management reporting to maximize the use of reports in decision-making. 2 Introduction Any organization should survive and excel in the fast paced and ever changing market. We are living in the digital era so information can be found everywhere via websites, databases documents, reports, and emails. However, it’s important to read the historical data-set during decision making process but providing report in quick & timely manner...
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...Economics through Decision LaFaye P. Moore Jr. ECO/212 Principles of Economics October 12, 2011 Robert Vansant Economics through Decision Decision-making are the process in how to make economics decision. Through economics comes decisive ways in making consult decision. This will show making individual decision in how a person uses economics to their lives. Economics effect every decision that someone make in the world. Example to the principles of individual decision-making Individual decisions have principles in how to make decision. Can someone just make on individual decision that does not affect him or her on economics decision. The principles for individual decision-making are to make your own decision. Individual decision-making personal or business decision because a person can make it for reason. Example if a person is makes a decision at home for their family then that come to the person decision-making. Then on the twist side, the business individual decision-making would be to change the business face. Changing the face of the company by figuring out how changing this will benefit the business. Decision in which compared the marginal benefits and the marginal costs associated with the decision What decision that a person make with marginal benefits and the marginal costs. Benefits and cost marginal are affecting decision-making. The process that takes these two marginal, which helps someone, make a decision that affect his or her choices in the economics...
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...Management plays a substantial role in how business operates. The variety of methods to the speculative and practical background of management has come up with varieties of what is meant by such key words as management and organization. The required reading outlines three key elements needed in the successful running of a business. The three key elements are Information and decision making, planning process and techniques and strategy and strategic management. The reading covers a general outline of the elements required for a manager to make familiar decisions among alternate courses of action. The reading also lists types of managerial decisions, information competency, and information needs in organization, why managers plan and the planning process and benefits of planning. In the following I will describe the various components that comprise the main aspects of the required readings. Information, technology and management. Information is basically data that is used when made meaningful in the decision making process. The reading shows how valuable and useful data is and that it is accessible by everyone but not everyone makes data that is readily available to them useful information. When we are able to gather, analyze and use information for decision making and problem solving this is called information competency. In order for companies to have top performance employees should have the right information available to them. The reading outlines information systems. This...
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...Introduction to Business Information Systems Assignment 1 Table of Contents Part A 1. Describe the information age and the differences between data, information, business intelligence and knowledge…………………. Page 1 2. Explain systems thinking and how management information systems (MIS) enable business communications…………………………….. Page 2 3. Describe three Business 2.0 tools for collaborating………………... Page 2 4. Characterise and explain the importance of decision-making for managers at each of the three primary organisation levels……….. Page 3 5. Describe business process management and its value to an organization…………………………………………………………... Page 4 Part B 1. Describe the concept of business process modeling………………... Page 4 2. Identify the key processes involved in the new Qantas check-in system…………………………………………………………………. Page 5 3. Provide two (2) process models……………………………………… Page 6 * Pre new check-in model………………………………………….. Page 6 * As-Is new check in model………………………………………... Page 7 4. References…………………………………………………………….. Page 8 PART A 1. Describe the information age and the differences between data, information, business intelligence and knowledge. Compared to the past, the age we live in today is called the information age, where an infinite number of facts are broadly accessible to anyone who has the capability of using a computer (Baltzan, Lynch & Blakey, 2013, p. 9). Stair et al (2008, p....
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...2 CHAPTER 2.1 2.2 2.3 Decision Making and Business Processes Why Do I Need To Know This LEARNING OUTCOMES Explain the difference between transactional data and analytical information, and between OLTP and OLAP. Define TPS, DSS, and EIS, and explain how organizations use these types of information systems to make decisions. Understand what AI is and the four types of artificial intelligence systems used by organizations today. Describe how AI differs from TPS, DSS, and EIS. Describe the importance of business process improvement, business process reengineering, business process modelling, and business process management to an organization and how information systems can help in these areas. This chapter describes various types of business information systems found across the enterprise used to run basic business processes and used to facilitate sound and proper decision making. Using information systems to improve decision making and re-engineer business processes can significantly help organizations become more efficient and effective. ? 2.4 2.5 As a business student, you can gain valuable insight into an organization by understanding the types of information systems that exist in and across enterprises. When you understand how to use these systems to improve business processes and decision making, you can vastly improve organizational performance. After reading this chapter, you should have gained an appreciation of the various kinds of information systems employed...
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...information in decision making Introduction In this day organization on business activity always face the problem including internal and external problem. Decision making be required for face the problem and make the organization get higher profit than before. One of the factors to support the decision making is the need for an adequate information system so that if there occurs an error in the company's policy, managers can make decisions quickly to address these issues. to obtain adequate information we need accounting information. Accounting information is a systematic connective issue in the presentation of useful information and can power to help leaders companies in an effort to achieve organizational goals that have been set previously. If accounting information connected with object information like product and companies activity it will generate accurate accounting information, It will help manager make right decision and useful for organizational behavior and human behavior in organization. Decision making divided into two, long-term decision and short-term decision. Long-term decision was made by manager can useful for one year or more. Example for long term decision are buy or rent a machine, buy machine with cash or credit, etc. short-term decision was made by manager, when that decision was made will directly affect for organizational or employees. Examples of short term decision are what products should the business make this year? How should the business maximize...
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... System Management Overview (COIS20024) Submitted to: Mark Walpole Term: 2, 2013 TABLE OF CONTENT Introduction…………….........................................................................................................1 Justification………………………………………………………………………………..2 Decision model to support the SMEs’ decision to participate or leave a collaborative Network…………………………………………………………………………………. Measuring the Success of Information Systems (IS) from Users' Point of View Using Goodhue Index………………………………………………………………………….. How small businesses master the art of competition through superior competitive advantage… The Role of Management Information System (MIS) and Decision Support System (DSS) for Manager’s Decision Making Process. The Role of Management Information System (MIS) and Decision Support System (DSS) for Manager’s Decision Making Process. Management information system by O Brien j and George Marakas. Introduction The case study is about ‘FixItNow’ (FIN) which is small medium enterprise (SME) business. This initially starts with the Adam smith and his two younger brothers Ian and Paul in the small regional town of shockhampton. This company is a supplier for building, plumbing, and gardening businesses and home clients. After some years FixItNow started grow and become a household name. they hired the Gillian Cole, a former employee of their previous work place...
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...without enough qualifications and their effect on decision making process in airline MRO service organizations Viviana A. Martin Embry-Riddle Aeronautical University Abstract The trend of selecting or promoting managers that do not have direct experience in the areas they manage in technical positions appears to be taking place in many companies today including airline MRO services organizations. In order to be successful in a competitive marketplace, management must make effective decisions to maximize the output of their organization, minimize waste and mistakes, and keep morale up. As such, it is imperative to understand which ‘type’ of manager should be placed in each management role; an effective leader that may not have intimate knowledge of the area they manage, or a manager that fully understands the inner workings of the organization that may not be as effective of a leader. This paper seeks to examine management qualifications and their effect in the decision making process and how that impacts organizations. This paper also reviews both decision making in airline services organizations and management types to provide an understanding of the decision making process and factors that can affect that process in airline MRO services organizations. Keywords: organizational behavior, decision making, technical management, general management. Managers without enough qualifications and their effect on decision making process in airline MRO services organizations Introduction ...
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...The Decision Making Process MGT / 230 January 20, 2013 Stewart Binder Abstract Managers have to make decisions every day whether or not they are simple or complex to achieve the goals they have set for themselves. These decisions managers take are to achieve goals that they have set for themselves or the company. Decision making can be very challenging because there are many factors involved. “Most managerial decisions lack structure and entail risk, uncertainty, and conflict” (Bateman, Snell (2011). These factors cause managers not to take action or ignore problems that are occurring. Managers can create efficient solutions for problems by following the decision making process. “The model decision making process has six stages that the decision should follow, which include (1) identify and diagnose the problem, (2) generate alternate solutions (3) evaluate alternatives, (4) make the choice, (5) implement decision, and (6) evaluate the decision” Bateman, Snell (2011). Everyone has had to have made decisions in their lives whether or not they were simple or complex. People may have even used the decision making process without even knowing what it was. I have used the decision making process without knowing what it was when I decided to attend University of Phoenix. I read about the decision making process and realized I had followed the model in some way or another. The Decision Making Process Most people set goals for themselves. Goals are...
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...systems in supporting decision making process. For this purpose, role of different types of information systems such as, Management Information System (MIS), Decision Support System (DSS), Enterprise Resource Planning System (ERP), Executive Information System (EIS), specifically agent-based information systems have been analysed in the different aspects of decision making process. For this purpose ten highly relevant journal articles have been selected and the body of this report is based upon the literature of those articles. From the research of this report, it is has been found out that different types of information systems facilitates managers working at different levels of organisations in making effective decision. It has been identified that organisations operate in highly vibrant and impulsive environment that changes rapidly. Based on these changes, executives and higher level managers have to make decisions accordingly. This decision making process requires a lot of subjective information about the external environment upon which decisions have to be made Annotated Bibliography 1. Ucakturk, A. & Villardb, M., 2013. The Effects of Management Information and ERP Systems on Strategic Knowledge Management and Decision-Making. Social and Behavioural Sciences, Vol 99, pp. 1035 – 1043. In this article, Ucakturk and Villardb have discussed the effects of management information and ERP systems on strategic knowledge management and decision-making processes of the organisations...
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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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...information’s from the internal and external source and processing this information for the purpose of facilitating the process of decision-making of the business. MIS is not new, only the computerization is new , before computers MIS techniques existed to supply managers with the information that would permit them to plan and control business operations. The computer has added on more dimensions such as speed, accuracy and increased volume of data that permit the consideration of more alternatives in decision-making process. The scope and purpose of MIS is better understood if each part of them is defined individually, thus 1. MANAGEMENT: Management has been define in process or activities that describe what managers do in the operation for their organization plan, organize, initiate and control operations. They plan by setting strategies and goals and selecting the best course of action to achieve the goals. They organize the necessary tasks for the operational plan, set these tasks up into homogenous groups and assign authority delegation; they control the performance standards and avoiding deviation from standard. The decision-making is a fundamental prerequisite of each of the foregoing process, the job of MIS is facilitating decisions necessary for planning, organizing and controlling the work and functions of the business so that specified goals of business are achieved. 2. INFORMATION: Data must be distinguished from information and the distinction is clear...
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