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Cmi 5002 Information Based Decision Making

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Unit 5002 – Information based decision making

Assignment

1. Explain and provide examples of the differences between data and information, and describe at least three different sources of management data and information. Prepare a chart to evaluate the benefits and possible drawbacks of each source of information in terms of its usefulness in helping managers to make sound business decisions. Describe the selection criteria you would apply to ensure the quality and integrity of the data and information you use for decision-making. Give reasons for each selection criteria.

This covers assessment criteria:

1. Examine the nature of data and information

2. Evaluate relevant sources of data and information

3. Discuss the criteria for selection of data and information

Guideline word count: 450 - 500

1.1 Examine the nature of data and information

Data can be described as facts and figures which relay something specific but that are raw and still need to be processed and organised. Data can be classified as either quantitative (numerical) or qualitative (descriptive), both have a distinct purpose and use. Once data has been processed, organized, structured or presented in a given context so as to make it understandable and useful, it can be classified as information. When planning or carrying out a decision-making process, besides data and information, it is also important to consider knowledge....

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