ECM Chapter 13
Terms
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- data
- raw, unsummarized, and unanalyzed facts
- information
- date that is organized in a meaningful fashion
- Four Factors that determine Usefulness of Information
- Quality, Timeliness, Completeness, Relevance
- quality
- determined by accuracy and reliability
- timeliness
- information that is timely is available when it is needed for managerial action, not after the decision is made
- real time information
- frequently updated information that reflects current conditions
- completeness
- information that is complete gives managers all the info they need to exercise control, achieve coordination, or make an effective decision
- relevance
- information that is relevant is useful and suits a manager's particular needs and circumstances
- information system
- a system for acquiring, organizing, storing, manipulating, and transmitting information
- management information system
- an info system that managers plan and design to provide themselves with the specific info t hey need
- information technology
- the means by which info is acquired, organized, stored, manipulated, and transmitted
- E Store Example Point?
- Information Technology meeting the customers needs
- Managers need information for three reasons:
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1) to make effective decisions
2) to control the act. of an org.
3) to coordinate the act. of the org. - How Managers achieve control: (4 steps)
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1) estab. measurable standards of perf, or goals
2) measure actual perf.
3) comp. act. perf. against est. goals
4)eval. result and correct - Communication
- the sharing of info between two or more indiv. or groups to reach a common understanding
- Cemex example point
- using IT to maintain co. competitive advantage
- Two phases of communication
- transmission (info shared between 2), feedback, (common understanding assured)
- sender
- the person or group wishing to share information
- message
- the information that a sender wants to send
- encoding
- translating a message into understandable symbols or language
- noise
- anything that hampers any stage of the communication process
- receiver
- the person or group for which a message is intended
- medium
- the pathway through which an encoded message is transmitted to a reciever
- decoding
- interpreting and trying to make sense of a message
- verbal communication
- the encoding of messages intowords, either written or spoken
- nonverbal communication
- the encoding of messages by mean sof facial expressions, body language and styles of dress
- information richness
- the amoutn of info that a communication medium can carry and the extent to which the medium enables the sneder and reciever to reach a common understanding.
- Three factors in chosing communication medium:
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1) information richness level
2)time needed
3)need for a paper or electronic trail - management by wandering around
- a face to face communication technique in which a manger walks arounda work area and talks informally with employees about issues and concerns
- face to face communication
- meeting in person, using body language etc, most high in info. richness
- spoken communication electronically transmitted
- (over the phone), 2nd highest in info rich., tone of voice helpful, quick feedback
- Personally addressed written communication
- 3rd highest, because they are addressed personally, people will be more likely to read and pay attention to, letters, email,
- Impersonal Written communication
- lowest form of info rich, good for large number of recipiants, feedback unlikely,
- information overload
- a superabundance of info that increases the likelihood that importantinfo is is ignored or overlooked and tangential info. recieves attention
- networking
- the exchange of info through a group or network of interlinked computers
- operating system software
- software that tells computer hardware how to run
- applications software
- software designed for a specific task or use
- artificial intelligence
- behavior performed by a machien that would be called intelligent if performed by a human being
- information distortion
- changes in meaning that occur as info passes through a series of senders and receivers
- transaction-processing system
- a management information system designed to handle large volumes of routine, recurring transations
- operations information system
- a management info system that gatheres, organizes, and summarizes comprehensive data in a form that managerscanuse in their nonroutine coordinating, controlling and decision-making tasks
- decision support system
- an interactive computer based management info system with model building capability that managers can use when they must make nonroutine decisions
- Judy Lewent Example Point?
- developed a decision support system to evaluate all proposed RD investment decisions
- expert system
- a management information system that employs human knowledge captured in a computer to solve problems that ordinarily require human expertise.