the value and importance of information
- Created by: Josh98
- Created on: 09-03-15 17:08
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- the value and importance of information
- managers and information
- why managers need information
- controlling
- directing
- forecasting
- planning
- higher levels of management
- strategic planning, market share, cash flow, profits, growth of profits
- lower levels of management
- day to day management, allocating work sub routines, arrangement of staff rotas, motivating staff, handling department budget
- how information aids decision making
- the more relevant the info the better the decision will be made
- info allows a manager to take remedial action
- simulations can be performed
- using info to monitor progress
- systems can be used to see things such as how well companies are doing against targets etc
- using information to target resources
- you can see what you do and don't need such as money, human resources, time, hardware, software and materials
- the competitive advantage info gives
- ensure that the customers orders are tended to
- anticipate customer demand of products
- why managers need information
- the importance of up-to-date, accurate and complete data.
- up to date
- if the info begin kept is personal it must be constantly updated due to peoples lives changing all the time e.g. marriage etc.
- legal requirement - data protection act 1998
- a letter could be sent to someone who is deceased causing some upset
- accurate
- GIGO
- misreading and misspelling must be avoided or transfer of data can be wrong
- complete
- an order may only be partly complete causing confusion when the order is put through
- up to date
- managers and information
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