...development and control Unit 5002 Information based decision making Andor Kovacs CMI no: 4205133 Assignment 5_Submission1 AEA group Assignment Requirements 5002.....................................................................................4 Learning Outcome 1: Be able to identify and select sources of data and information ....................................................................................................................................4 1.1 Discuss the nature of data and information......................................................4 1.2 Evaluate relevant sources of data and information..........................................4 1.3 Discuss the criteria for selection of data and information................................4 1.4 Identify the legal requirements relating to the collection, use and storage of data and information...............................................................................................4 Learning Outcome 2: Be able to analyse and present information to support decision making..........................................................................................................4 2.1 Evaluate the decision making models which are used to support decision making....................................................................................................................4 2.2 Identify those to be involved in analysing information and decision making..5 2.3 Evaluate methods of presenting decision made......................
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...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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...------------------------------------------------- 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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...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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...CORELAŢIA DINTRE CONTABILITATEA MANAGERIALĂ ŞI TEHNOLOGIA INFORMAŢIONALĂ ÎN LUAREA DECIZIILOR MANAGERIALE 1. Introducere Trăim într-o lume care se află în continuă schimbare. Un factor important care determină schimbarea este tehnologia care îşi pune amprenta tot mai mult asupra vieţilor noastre personale dar şi profesionale. La rândul ei evoluţia tehnologică este determinată de utilizarea sistemelor informatice. Modificările determinate de utilizarea sistemelor informatice influenţează semnificativ o mare parte din profesiile actuale inclusiv raportul dintre profesioniştii contabil şi cerinţele tot mai complexe şi solicitante ale locului de muncă. Creşterea volumul de informaţii de care au nevoie managerii în procesul decizional a determinat o utilizare tot mai intensă a sistemelor informatice în meseria contabilă. Cu ajutorul acestora, experţii contabili au reuşit să diminueze volumul informaţiilor pe care le procesează manual cât şi timpul necesar pentru întocmirea rapoartelor care ajuta managerii să ia decizii în cunoştinţă de cauză. Implementarea sistemelor informatice au o serie de avantaje asupra procesului decizional şi a organizaţiei, însă în acelaşi timp determină schimbări majore în munca efectuată de experţii contabili, dar şi de către managerii unei companii. Acelaşi lucru s-a întâmplat şi în România. Sistemele informatice au început să fie utilizate la scară largă, folosirea tehnologiei avansate cunoscând un avânt după trecerea la economia de piaţă....
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...ACC650 Module 8-Quiz Review Using Accounting Information in Decision Making Click Link Below To Buy: http://hwcampus.com/shop/acc650-module-8-quiz-review-using-accounting-information-decision-making/ Module 8 Quiz : Using Accounting Information in Decision Making 1) The following data pertain to Lemon Enterprises: a. Variable manufacturing cost: $70 b. Variable selling and administrative cost: 20 c. Applied fixed manufacturing cost: 40 d. Allocated fixed selling and administrative cost: 15 e. What price will the company charge if the firm uses cost-plus pricing based onvariable manufacturing cost and a markup percentage of 110%? $84. $147. $210. $231. Some other amount. 2) Which of the following represents the cost-plus pricing formula? a. Price = cost + (markup percentage * cost). Price = cost + markup percentage. Price = cost + markup percentage. Price = cost * markup percentage. Price = cost + (markup percentage + cost). 3) Which of the following is the proper calculation of a company's depreciation tax shield? a. Depreciation deduction + income taxes. Depreciation * (1 - tax rate). Depreciation * tax rate. Depreciation / tax rate. Depreciation / (1 - tax rate). 4) The net-present-value method assumes that project funds are reinvested at the: a. hurdle rate. rate of return earned on the project. cost of debt capital. cost of equity capital. internal rate of return. 5) In a net-present-value analysis, the discount...
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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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...Have The Right To Utilize Information Posted On Social Networks When Making Employment Decisions? Michelle Mancuso Strayer University Online Business Policy – BUS 490 Robert M. Brown II May 29, 2011 Does An Employer Have The Right To Utilize Information Posted On Social Networks When Making Employment Decisions? Introduction Do employers have the right to use information posted on social networks, such as Facebook, Twitter, and My Space for employment decisions? With the popularity of such websites, employers now have a no-cost way to look up a potential employee’s habits, etc. Employers are not only using them for potential employees, but also for their current staff. Some of what employers are looking at includes status postings, comments, and inappropriate or racy pictures. They are looking to get an idea of what this person does, how they conduct themselves, and whether or not this person is a good fit in their organization. There have been several lawsuits on this topic from employees that have been fired due to posts or pictures made to their facebook wall. This practice has not been deemed against the law, but there is much debate on how this information should or can be used. This paper will discus the pros and cons of using this type of information and also offer some suggestions on how to do it without being sued. Viewpoints Jonathon Bick, a Professor of Internet Law, feels an organization can utilize information found on social networking...
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...Accounting Concepts, Assumptions, Principles, Elements Key Things to Know Objectives of Financial Reporting: 1. Provide useful information to investors and creditors for decision making (assume users have a “reasonable understanding” of business). 2. Provide information to access the amounts, timing, and uncertainty of cash inflows and outflows. 3. Provide information about resources (assets) and claims to resources (liabilities). Recognition: An item should be recognized in the financial statements when it meets all 4 of the following criteria: 1. Definition: meets the definition of an element 2. Measurability: measurable with sufficient reliability 3. Relevance: makes a difference in the decision 4. Reliability – representationally faithful, verifiable, neutral Accounting Underlying Assumptions - Basis for Generally Accepted Accounting Principles (GAAP) Entity Assumption - each business is its own “accounting” entity. Periodicity Assumption - divide economic activities into time periods for reporting. Going Concern Assumption - the company will remain in business and will...
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...of information 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...
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