Information Management And Decision Making Assignment Sample

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Introduction

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In today's highly competitive and technical corporate climate, the “Management Information System” (MIS) plays an important role. Data, procedures, and human aspects are all integrated into MIS. The MIS collects data from a variety of sources, both internal and external. Capturing data might be done manually or by computer. It's a piece of software designed to streamline and improve strategic decision-making via better administration of information technology. Most of the "Management Information System" is concerned with gathering, storing, processing, and transferring information that is important to the company's operations (Kock et al., 2020).

As a result, a corporation may make an informed decision based on the essential information obtained from multiple operations. As a result, strategic choices are less hazardous and more accessible and accurate when made using a Management Information System (MIS).   In both professional and personal life, information systems play a critical role in decision-making. Decision-making within an organization is critical to its smooth operation (Rainer and Prince, 2021). Today's fierce competition necessitates fast and precise decision-making, and the manager must have the right information to do so. Better information exchange is made possible via MIS. All levels of the organization are involved in the implementation of MIS. The MIS applications are in charge of data collection, processing, and monitoring. MIS is required to carry out its three primary functions: accomplish its job, and provide assistance to its users. For a management information system to be effective, it has to be able to enable the analysis needed by management, not only store electronic data. To be successful in today's economy, every firm must be able to compete. A management information system (MIS) aids a company in formulating sound business plans that can withstand the pressures of a competitive market. This assignment explains how information management affects the whole organizational structure and how many parts of the firm, including information exchange, decision making, manufacturing, accounting, marketing, and customer interactions, are affected.

Task 1:

1.1 “Critical identification of the features of information and data”

To make sense of the data, it must be organized properly. As data is transformed into information and knowledge, the DIKW hierarchy is shown. In the DIKW process of transforming data into wisdom, there are two unique viewpoints: context and understanding (Heo et al., 2020). In this respect, the process begins with the collection of data (pieces), which are linked (information), and the development of the whole (knowledge) (wisdom). It is important to see the DIKW hierarchy as a progression that starts with inquiry and ends with reflection. A person's wisdom is derived from their ability to see the future in the context of the past.

1. Data: The first step is to gather data. A meaningful conclusion can only be reached on the basis of the evidence. Event information must be referred to as data (Kortelainen, Happonen and Hanski, 2019). Name, age, and price are examples of relevant data not included in this unstructured, unprocessed form.
2. Information: Data that has been structured, analyzed, and made comprehensibly is what we mean by the word "information."   In the case of employment records or sales reports, for example, end-users may use this pertinent data to make quick and simple choices. In order for an organization to function well, all of its employees, regardless of department, must have easy access to the company's information (Nurulin and Skvortsova, 2018). A department's methods, features, and activities should be addressed by the information it has access. In order to achieve the desired outcomes, the information provided must be structured and easy to understand, which means it must be relevant to the task at hand.
3. Knowledge: The DIKW hierarchy's third level is knowledge. The objective of this stage of development is to determine: (Nurulin et al., 2019). Specific metrics and data from the previous phase are used to respond to questions depending on these measures.
4. Wisdom: The last level in DIKW's hierarchy is wisdom, which comes in at number four. The wisdom stage makes use of and puts into action the knowledge gained in the preceding phase (Kortelainen, Happonen and Hanski, 2019). DIKW's ultimate degree is wisdom, which the Why question provides.

“Access to information, relevance, comprehensibility, timeliness, and accuracy”:

All workers in an organization must have access to the same information, which implies that the management and other employees must have access to the same information. The information that may be accessed must be related to the department's procedures, functioning, and operations. For the intended outcome to be achieved, the data must be readable, which means that it must be organized, well-structured, and within a reasonable timeframe. It must also be accurate.

1.2 “Evaluating the criteria to be incorporated when selecting appropriate information and data to support strategic decision making”

Every firm relies on data as a critical resource. Data must be obtained correctly since the business's decision-making processes rely on it (Yazdani et al., 2019). To make informed decisions, we need to consider things like correctness, validity, and clarity while selecting facts and information.

This includes "accuracy; completeness; validity; and consistency," among other things."

Accuracy:

Since precise data may provide very helpful consequences, data accuracy is a critical part of information management (Ghadimi, Toosi and Heavey, 2018). Errors could inevitably arise if the data were not right.

Completeness:

The decision-maker has access to the most up-to-date information. Decision-making might be hampered by a lack of comprehensive information.

Validity:

To verify the legitimacy of data, it should be done correctly and from an official source. The source of data must be identified and authenticated (Turskiset al., 2019).

Consistency:

Effective management information relies heavily on data consistency since it ensures that the information it contains is reliable, consistent, well-structured, and well-organized.

The following are the criteria used to choose the information:

Information selection criteria include "Data Quality; Definition Clarity; Relevance; Presentation; and Timeliness."

Quality of data: 

Obtaining the correct format, organization, control, and standard transfer technique is vital to obtaining highly useful and accepted data (Suherman et al., 2020).

Definition of clarity:

As a result, workers of the organization will be able to use information in the most efficient manner possible.

Relevance:

In order to be useful, information must be relevant to the task at hand and presentable in an understandable form (Ghadimi, Toosi and Heavey, 2018). This is critical since management information must be provided, but it must not be lacking in critical information.

Presentation:

Data for management must be presented in an understandable and visually appealing manner, with the right format, sequence, and overall organization. This is a way to characterize the organization's improved image.

Timeliness:

To the extent that management information can reply quickly and simply, the information doesn't have to be lengthier.

1.3 “Critically analysing the effect of a “management information system” to an organization”

Increased creativity and productivity: 

Workers may gain knowledge from the information they have access to thanks to the information management system. A productivity improvement may be achieved by employing this information, which means that more things can be produced in a shorter period (Seita et al., 2020). As a result, it provides the company with a new source of inspiration and drive. Marketing, finance, production, and human resources management all benefit from an effective MIS in their day-to-day operations.

The process of formulating policy:

With the aid of an information management system, firms may better organize their operations to take full advantage of the many benefits that come from using so many different types of information resources. Strategic planning, operational management,  control management, and transaction processing are all made easier with the use of the management information system (MIS). In addition to assisting with transaction processing, the MIS answers requests for transaction data, the status of a particular record, and a variety of documentation