Information Technology plays a very vital role in the acquiring of information and knowledge and thus indirectly affects the decision making process. Managers play vital role in the success of a business. Through the implementation of credit data management strategies, a business succeeds.
There have been a lot of approaches used and diverse strategies employed, an example being the famous Divide and Conquer strategy. This strategy seeks to break down a large problem into smaller ones so as to solve them impeccably. The concept suggests that cognitive processing barriers leave people with few choices but to build simplified mind models of the globe.
There have been two main approaches used in management decision making; the first one focuses on the development and application of conventional based on logic derived from economics and statistics. The other one uses descriptive accounts of the process used to make the decisions, judgments and choices. Most of the descriptive analysis of decision making was at first concerned with accounting for the differences in the lack of compatibility between normative rules and actual behaviors. Understanding the abilities of humans, limitations and inclinations in seeking information and knowledge is what determines the success of information and knowledge management. There are some approaches which have been offered to ensure the maximum utilization of the information and knowledge in the decision making process.
The attribution theory is one product of the cognitive psychology in decision making. Several authors highlighted the importance of schemata in determining how people use new information with consideration to pre-existing beliefs. Schema is defined as a working hypothesis about a certain aspect of the environment that might be a concept of the self, other individuals, parties or sequence of events in the environment.
Communication with business partners also needs a real time solution for the sharing of information and knowledge between them and the organization. For example, real-time communication with a supplier can bring to the knowledge of the organization on the existence of an update of a product so they do not purchase an outdated version of it. This is what will make the management make decisions based on the most current details.
It is important to differentiate between knowledge and information as the two are often mistaken. There are many sources of knowledge and information, knowing the characteristics and identity of these sources. For example the titles or URLs for accessing them can be viewed as information.
The content of these sources is the knowledge, this may prove valuable or not. For example, a coming across an online source of a competitors publicly filed financial statement is basically coming across information, accessing the information and getting to learn of the sales of competitors, general and administrative costs is steadily declining over recent years is gaining knowledge.
In the decision management process of a public organization stakeholders also stand to lose or gain depending on the outcome of the decision. With this in mind the role of a stakeholder in the decision making process is encouraged to be a proactive role. A stake holder is anybody who is in any way affected by anything that happens to the company.
There have been a lot of approaches used and diverse strategies employed, an example being the famous Divide and Conquer strategy. This strategy seeks to break down a large problem into smaller ones so as to solve them impeccably. The concept suggests that cognitive processing barriers leave people with few choices but to build simplified mind models of the globe.
There have been two main approaches used in management decision making; the first one focuses on the development and application of conventional based on logic derived from economics and statistics. The other one uses descriptive accounts of the process used to make the decisions, judgments and choices. Most of the descriptive analysis of decision making was at first concerned with accounting for the differences in the lack of compatibility between normative rules and actual behaviors. Understanding the abilities of humans, limitations and inclinations in seeking information and knowledge is what determines the success of information and knowledge management. There are some approaches which have been offered to ensure the maximum utilization of the information and knowledge in the decision making process.
The attribution theory is one product of the cognitive psychology in decision making. Several authors highlighted the importance of schemata in determining how people use new information with consideration to pre-existing beliefs. Schema is defined as a working hypothesis about a certain aspect of the environment that might be a concept of the self, other individuals, parties or sequence of events in the environment.
Communication with business partners also needs a real time solution for the sharing of information and knowledge between them and the organization. For example, real-time communication with a supplier can bring to the knowledge of the organization on the existence of an update of a product so they do not purchase an outdated version of it. This is what will make the management make decisions based on the most current details.
It is important to differentiate between knowledge and information as the two are often mistaken. There are many sources of knowledge and information, knowing the characteristics and identity of these sources. For example the titles or URLs for accessing them can be viewed as information.
The content of these sources is the knowledge, this may prove valuable or not. For example, a coming across an online source of a competitors publicly filed financial statement is basically coming across information, accessing the information and getting to learn of the sales of competitors, general and administrative costs is steadily declining over recent years is gaining knowledge.
In the decision management process of a public organization stakeholders also stand to lose or gain depending on the outcome of the decision. With this in mind the role of a stakeholder in the decision making process is encouraged to be a proactive role. A stake holder is anybody who is in any way affected by anything that happens to the company.
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