...Information System for decision making An information system can be deployed and used as a Decision Support System (DSS). Nowduri (2011, p.2) states that ‘The role of MIS in decision support is best discussed in the context of the subset referred to as Decision Support System (DSS). A DSS is a computer based system (an application program) capable of analyzing an organizational (or business) data and then presents it in a way that helps the user to make business decisions more efficiently and effectively. It is basically an informational application which depends on the information already input while answering to a given query.’ Hui’s major concerns with multiple locations are managing staff leave, payroll, timesheet and overall student information management. An information system will hold the data centrally which would help her to manage these very easily. Also due to readily available information about timesheets and leave, payroll calculation will become much easier and error free. Moreover since data will be stored centrally, data duplication will be none to minimum. Not only the top management, decision makers of every level can use the information from the system for better and faster decision making. ‘Usually the DSS is used by all levels of people within a business organization. Top level management uses DSS for strategic decisions, middle management uses for tactical decision while first line supervisors use deploy it for day-to-day operational decisions.’ (Nowduri...
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...| Information based decision making | Unit 5002V1 | | | 4/1/2015 | Task 1 (600-700 words): A.C.1.1 – Examine the nature of data and information Data comprises of factual information. Data are the facts from which information is derived. Data is not necessarily informative on its own but needs to be structured, interpreted, analysed and contextualised. Once data undergoes this process, it transforms in to information. Information should be accessible and understood by the reader without needing to be interpreted or manipulated in any way. Knowledge is the framework for understanding information and using it to inform judgements, opinions, predictions and decisions – a pyramidal relationship (See diagram 1) Diagram 1: There are 2 types of knowledge: 1) Explicit knowledge (“know that”) – derived from facts, easily communicated via hard data and facts and 2) Tacit knowledge (“know how”) – more of a personal framework informed by beliefs, schemata, mental frameworks, difficult to verbalise or write down, more based on process rather than factual content. In the field of knowledge management, tacit knowledge is individual specific and can be acquired without language through observation and practice. This type of knowledge is acquired through experience, and therefore from a knowledge management perspective, shared experiences are a key platform to share tacit knowledge. A clinical example: The Trust has a standard assessment proforma for new patients...
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...discusses Information and Knowledge for business decision making. Knowledge is a very important factor inside and outside of the business world. You need it to get through all aspects in life quickly and efficiently. Without knowledge many things that someone or even a business will try to do may not be a good decision for themselves or their business. There are many benefits when knowledge is incorporated into daily decision making. You can solve problems better with knowledge than using a guess and check method. In a business stand point you can improve customer service, processes, product management, innovation, and intellectual capital. The interesting fact of the chapter was the discussion on the Knowledge Management Process. This process consists of creation, capture, codification, storage, retrieval, transfer, and application. All these categories are very vital when gaining knowledge in any aspect. When these steps are executed in the correct manner, there should be no problem with managing the knowledge you’ve gained. When gaining or creating knowledge, there are also steps you can take to do this accurately. You first need to socialize. Get to know people or things and interact with them to gain information. Externalize your opinions to get other input from peers or mentors. Then combine the input you have received with the social interactions. Finally, internalize it; take action upon what you’ve learned and put it to use. With all of this information and knowledge...
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...ACCOUNTING INFORMATION ON MANAGEMENT’S DECISION MAKING – VINAMILK CASE STUDY TRUONG THUY CHUNG BACHELOR OF BUSINESS (ACCOUNTING) HONS HELP UNIVERSITY COLLEGE October 2011 i THE IMPACT OF ACCOUNTING INFORMATION ON MANAGEMENT’S DECISION MAKING – VINAMILK CASE STUDY By TRUONG THUY CHUNG Graduation Project Submitted to the Department of Business Studies, HELP University College, in Partial Fulfilment of the Requirements for the Degree of Bachelor of Business (accounting) Hons OCTOBER 2011 ii DECLARATION I hereby declare that the graduation project is based on my original work except for quotations and citations which have been duly acknowledged. I also declare that it has not been previously or concurrently submitted for any other course/degree at HELP University College or other institutions. The word count is 10,036 words. _____________________ TRUONG THUY CHUNG Date: 17 October 2011 iii ACKNOWLEDGEMENT First and foremost, my sincere gratitude is dedicated to my supervisor – Ms Nguyen Van Anh. Thanks for your strong support, guidance, intuitive comments and also motivation through the process of completing this thesis. In addition, I would like to send my gratitude to the International School and HELP for giving me an opportunity to conduct my study in my favorite area. Thanks to all my family and friends for your supports, helps and motivation and made it possible for me to complete this study iv THE IMPACT OF ACCOUNTING INFORMATION ON MANAGEMENT’S...
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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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...Accounting Information Supports Decision Making QUESTIONS 1-1 Management accounting is a discipline that designs planning and performance measurement systems, using financial and nonfinancial information, to help an organization develop and implement its strategy. The information must be relevant and helpful, and customized to serve multiple purposes, such as making decisions, allocating resources, and monitoring, evaluating, and rewarding performance. Information for the -plan‖ and -do‖ steps of the PDCA cycle includes prospective data on costs, profits, efficiency, and quality associated with alternative ways to produce or provide goods or services. Information for the -check‖ and -act‖ steps includes assessments of how well the organization is achieving its objectives. Common information requirements include measures of cost, quality, profitability, and timeliness. 1-2 A company's operators, managers, and executives need information for their operational control and improvement activities, as well as on the performance of their individual processes, products, services, and customers. This information is important to direct managers' attention to areas where improvement is needed, to provide feedback on activities, and to monitor and evaluate the performance of operators, departments, divisions, and business units and their managers. This information should be created and produced based on the internal need for operational and strategic information. Shareholders...
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...MGMT1136 Shyaam Patel Word Count: 2715 Student Number: 21057393 Introduction Information Technology found its roots in business during the late 20th century and has grown to become an integral and dominant aspect of almost all organisations in the 21st century. Technology itself has fuelled this growth due to the creation of the internet in the late 1980s, leading to information becoming both readily available and easily accessible in a way in which it has never been before. This access to information has enabled people to create systems and information networks within organisations that enhance intellectual capital and efficiency, productivity, and storage and communication of information. Xero™, for example, is a software company which offers financial, accounting, and inventory management packages which automate and generate financial reports as well as various other functions. The creation of these types of systems has had a profound impact on the decision making process within the contemporary dynamic workplace. As stated in Stata, R, 1989, “The new information system is helping managers on both sides to understand their business better and to make better decisions” This wave of new information technology brings new responsibilities and skill requirements for employees as well as presenting novel challenges and opportunities for organisations. With automation of many traditional roles, employees may find themselves either redundant...
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...ACCOUNTING INFORMATION AND MANAGEMENT DECISION MAKING IN NIGERIAN BREWERIES PLC 9TH MILE CONER NGWO PROPOSAL This research work was designed to studding the accounting information impact on management decision making, identifying and exploring possible techniques applicable and based on the findings, make recommendations for clarifying the impact of accounting information on management decision. The data for this study were collected through structured questionnaire. Thereafter, the data collected were analysed, using nearson’s method which served to put qualitative characteristics in the data in numerical form and relationships. The four hypotheses formulated in order to carry out the research were empirically tested, by employing the t-test representation of table. FINDINGS The accounting system of any firm provides great information that help her management to make decision with respect to:- - Application of accounting information in policy making. - Measurement of performance level - Resources allocation - Other special factors affecting accounting information. CONCLUSION This research is for the purpose of accounting system to collect and communicate financial information in such a way as to assist managers and others in their endeavour. Therefore, the objective of the accounting information system is to permit managers to make optimal decisions this is to make the best allocation of the resources which they control. Two important...
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...could not to respond in a timelyto the time. By usg the CompStat system they have a statistical chance of being where they need to be at the right time. COMPSTAT (COMPuter STATistics) is used as a law enforcement crime fighting strategy by the New York City Police Department. CompStat uses Geographic information system (GIS) to map the locations of where crimes occur, identify: hotspots”, and map problem areas. CompStat has amassed a wealth of historical crime data which are used by Mathematicians to design and develop algorithms for predicting future crimes. The CompStat process can be summarized in one simple statement: "Collect, analyze, and map crime data and other essential police performance measures on a regular basis, and hold police managers accountable for their performance as measured by these data(The CompStat Process, 2003). a. Input CompStat is an information-driven managerial process. Accurate and timely information is important. The basic information necessary for prudent, informed decisions by Department executives can come from a variety of sources: calls for service, field interview reports, prisoner debriefings, incident reports, and UCR reports. Information is accurate if it reflects what actually occurred at a given time and place. Accuracy can be authenticated through supervisory review and approval. Supervisors usually...
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...------------------------------------------------- Chapter 10—Relevant Information for Decision Making MULTIPLE CHOICE 1. Costs forgone when an individual or organization chooses one option over another are a. | budgeted costs. | b. | sunk costs. | c. | historical costs. | d. | opportunity costs. | ANS: D PTS: 1 DIF: Easy OBJ: 10-1 NAT: AACSB: Reflective Thinking LOC: AICPA Functional Competencies: Decision Modeling 2. Which of the following costs would not be accounted for in a company's recordkeeping system? a. | an unexpired cost | b. | an expired cost | c. | a product cost | d. | an opportunity cost | ANS: D PTS: 1 DIF: Easy OBJ: 10-1 NAT: AACSB: Reflective Thinking LOC: AICPA Functional Competencies: Decision Modeling 3. Which of the following is not a characteristic of relevant costing information? It is a. | associated with the decision under consideration. | b. | significant to the decision maker. | c. | readily quantifiable. | d. | related to a future endeavor. | ANS: C PTS: 1 DIF: Easy OBJ: 10-1 NAT: AACSB: Reflective Thinking LOC: AICPA Functional Competencies: Decision Modeling 4. A fixed cost is relevant if it is a. | uncontrollable. | b. | avoidable. | c. | sunk. | d. | a product cost. | ANS: B PTS: 1 DIF: Easy OBJ: 10-1 NAT: AACSB: Reflective Thinking LOC: AICPA Functional Competencies: Decision Modeling 5. Relevant costs...
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...THE USE OF ACCOUNTING INFORMATION AND DECISION-MAKING IN ORGANISATION (A CASE STUDY OF MUXOL PAINT DEPORT, BENIN CITY) BY DAVID UYIGUE UNAD/ACC5/2007/371 A PROJECT SUBMITTED TO THE DEPARTMENT OF ACCOUNTING, FACULTY OF MANAGEMENT SCIENCE, UNIVERSITY OF ADO-EKITI, NIGERIA. IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF BACHELOR OF SCIENCE (B.sc) DEGREE (HONS.) IN ACCOUNTING FEBRUARY, 2014 CERTIFICATION This is to certify that this project work was written by DAVID UYIGUE of Department of Accounting, Faculty of Management Sciences, University of Ado – Ekiti State, under my supervision. ------------------------------ ------------------------------ DR KEMI OGUNDANA DATE (Project Supervisor) ----------------------------- ------------------------------ DR. OGUNDELE J.F. DATE (Degree Coordinator) DEDICATION This project work is dedicated to God Almighty, through His only begotten son, Jesus Christ for His Faithfulness and mercy. This project is also dedicated to the family of Mrs. Veronica Uyigue for their financial support. ACKNOWLEDGEMENTS First and foremost, I will like to acknowledge and appreciate Almighty God who saw me through my course of study and granted me the grace to complete this project work. through His only begotten son, Jesus Christ and His Faithfulness and mercy. My profound gratitude goes to my able project supervisor Dr...
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...Communication & Decision Making Process “How Communication is Important in the Decision Making Process.” | | | Good decision making is an essential skill for career success generally, and effective leadership particularly. If you can learn to make timely and well-considered decisions, then you can often lead your team to spectacular and well deserved success. However, if you make poor decisions your organization can tumble. Regardless of the size of business you are in whether a large corporation, a small company, or even a home based business effective communication skills are essential for success especially when a decision has to be made. Decision making in management is an important skill and making the right decisions is essential. Every manager should be looking to improve their decision making skills and communication skills. The process of business decision making is of the utmost importance for effective management. Decision making process in management must be informed by expert knowledge and experience in all departments. “The decision-making role in organizations is crucial. If things are going smoothly, there is not much for management to do, but if things go wrong or new opportunities arise, somebody has to decide on hiring and firing workers, investing in new machines or scrapping old ones, marketing new products and dropping old ones, and how to raise the necessary finance.” (Fong, Kwok, 2005) The role of management is to take these decisions, communicate...
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...conflict. Decision Making, Learning, Knowledge Management, and Information Technology Sessions 21 & 22 Organization Theory, BL3 visiting students m.marais@supco-montpellier.fr Learning Objectives Differentiate among several models of decision making that describe how managers make decisions ! Describe the nature of organizational learning and the different levels at which learning occurs ! Explain how organizations can use knowledge management and information technology to promote organizational learning and improve the quality of their decision making ! Learning Objectives Identify the factors, such as the operation of cognitive biases, that reduce the level of organizational learning and result in poor decision making ! Discuss some techniques that managers can use to overcome these cognitive biases and thus open the organization up to new learning ! I. Organizational decision making 1. Organizational decision making Definitions Organizational decision making: The process of responding to a problem by searching for and selecting a solution or course of action that will create value for organizational stakeholders ! Programmed decisions: Decisions that are repetitive and routine ! Nonprogrammed decisions: Decisions that are novel and unstructured ! 1. Organizational decision making Definitions ! Intuition ⽂文本 hunches that come readily to mind, require little effort and information gathering and result in on-the-spot decisions ! ...
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...ACCOUNTING DECISION MAKING AND THE ROLE OF MANAGEMENT ACCOUNTING FUNCTION – A REVIEW OF EMPIRICAL LITERATURE Fitsum Kidane (Phd. Research scholar), Lecturer in Accounting and Finance College of Business and Economics Mekelle University Mekelle, Ethiopia Abstract This study examines decision making and the role of management accounting function in a business organization. Using the review of literature, I identify management accountants perform a wide variety of tasks. Only a part of management accounting activity is directed at performance improvement. Some of the activities they perform are related to the statutory reporting requirements of the organization. Some of these are related to the operational requirements of the finance function itself such as processing transactions receiving money and paying bills. Literature foresees new management accounting techniques and changes in organizational and business environments having a huge impact on management accountants’ roles, yet empirical evidence on fundamental shifts in these roles remains relatively scarce. Journal of Radix International Educational and Research Consortium www.rierc.org RIJBFA KEYWORDS Volume 1, Issue 4(April 2012) ISSN: 2277 – 100X Decision making, management accountant, management accounting INTRODUCTION Accounting can be defined as "the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information" (Hogget...
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...HOLIDAY DECISION MAKING: PROCESS OF LEISURE DISCOVERY AND ADAPTABILITY. The following essay attempts to discuss and critically evaluate the traditional problem solving, cognitive model of consumer decision making process with that of holiday decision making. The writing begins with the introduction phase which discusses the traditional model of consumer decision making process. The following subsection discusses the sequential stages involved in the traditional consumer decision making, following is a comparative analysis between holiday decision making and traditional consumer decision making based on the stages involved in traditional consumer decision making. A conclusion that summarizes this study follows thereafter. I. INTRODUCTION “Consumer behavior reflects the totality of consumers’ decisions with respect to the acquisition, consumption and disposition of goods, services, activities, experiences, people and ideas overtime.” (Wayne D. Hoyer, Deborah J. Maclnnis 2008). This means that as much as the consumer will purchase a certain product e.g. soap, based on his preference of brands, he may also purchase a product such as a book just because it has been written by a popular author. Consumer decision making is about market choice behavior where consumers must make a decision between two or more competing alternatives, and thereafter decide on whether to purchase the alternative. The consumer decision making process is the stages that a consumer goes through in order...
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