The importance of information in the management
In the last few years we have been witnessing one of the most important events in human history thus far —- the information revolution. The information has changed the way that we work, study, play, and conducted our lives. In organizations, the decisions we making from short-term to 5 year operating plan are all depend on the information. What is data? Data—-Item refer to an elementary description of thins, events, activities, and transactions that are recorded, classified, and stored, but not organized to convey any specific meaning.
Data items can be numeric, alphanumeric, figures, sounds, or images. (Bolloju, Davison, McLean, Turban & Wetherbe, 2002, p 48) What is information? Information is data that have been organized so that they have meaning and value to the recipient. The recipient interprets the meaning and draws conclusions and implications. Data processed by an application program represent a more specific use and a higher value added than simple retrieval from database. (Bolloju, Davison, McLean, Turban & Wetherbe, 2002, p 48)Strategic decision making determines the objectives, resources, and policies of the organization.
Decision making for management control is principally concern with how to carry out specific tasks specified by upper and middle management and establishing criteria for
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Unstructured decisions are those in which the decision maker must provide judgment, evaluation, and insights into the problem definition. Structure decisions, by contrast, are repetitive and routine and involve a definite procedure for handling them so that they do not have to be treated each time as if they were new. Some decisions are semi-structured; in such cases, only part of the problem has a clear-cut answer provided by an accepted procedure.