Information Based Decision Making Essay - 3221 Words

Level 5: Diploma in management and leadership | Unit 5002 - Information based decision making | Stockton Riverside College | Michelle Morgan 4/1/2012 | Contents Introduction 3 Be able to identify and select sources of data and information 4 Be able to analyse and present information to support decision making 7 Be able to communicate results of information analysis and decisions 12 Appendices 14 Bibliography 14 Introduction The aim of this report is to look at information based decision making to help identify and select sources of information, analyse and present information to support decision making and communicate the results of information analysis and decisions. I will look at the key models and†¦show more content†¦For example the % on time kitting which would convey the issues to the relevant person without clouding it with personal feelings. For example I am having an issue with the stores department as we have had only 10% of kits on time which means that I have people waiting for materials on the shop floor. This kind of information cannot be argued with, keeps personal feelings out if the issue and allows me as manager to firstly speak with the person(s) directly involved and monitor the information to ensure on time kitting improves. Data and information in business can be defined into types as shown below Information Type | Description | Example | Primary | prepared specifically | Sales and margin figures, budget, efficiencies, sickness, holidays, meeting minutes, surveys | Secondary | not prepared specifically – Desk Research | Market research, magazine articles, journals | Regular | daily/weekly | Workload | Specific | on special occasions | Reviews | Formal | required by the system | Stock levels, order demand, lead times, product BOMs | Informal | you keep yourself | Meeting calendar, diary | To select the correct data and information you must first define your objective, for example if I was interviewing a candidate for a position within Darchem I would require the following information/type; Information needed | Type ofShow MoreRelatedInformation Based Decision Making3396 Words   |  14 PagesInformation Based Decision Making Terms of Reference .................................................................................................... 3 1. 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