Thursday, January 9, 2020

Information Based Decision Making Essay - 2954 Words

| Information based decision making | Unit 5002V1 | | | 4/1/2015 | Task 1 (600-700 words): A.C.1.1 – Examine the nature of data and information Data comprises of factual information. Data are the facts from which information is derived. Data is not necessarily informative on its own but needs to be structured, interpreted, analysed and contextualised. Once data undergoes this process, it transforms in to information. Information should be accessible and understood by the reader without needing to be interpreted or manipulated in any way. Knowledge is the framework for understanding information and using it to inform judgements, opinions, predictions and decisions – a pyramidal relationship (See diagram 1) Diagram†¦show more content†¦Therefore, I prefer circular model (Diagram 2) of the relationship as knowledge can influence what data is collected thus generating information to enhance knowledge that in turn can generate more data. There are different types of data and information. These are examined in Table 1: Type of data | Definition | Pros | Cons | Qualitative data/ information | A rich and detailed method to capture how and why people behave in certain ways and the impact of these processes on behaviour. | Captures participant’s lived experiences.Allows a deeper understanding of a topic.Smaller sample sizes so less expensive to do.Takes researcher bias in to account – an ethical strengthCan help to provide new ideas to shape a service for people. | Smaller sample sizes, so less generalizable to larger populations.Not possible to create statistics – which can help to shape and plan service effectiveness and deliveryTime consumingDifficult to make comparisons within the sample.Poor re-test reliabilityResults vulnerable to researcher bias and experience. | Quantitative data/ information | Analysis of numerical data to explain outcome, prevalence, frequency, time, cost. | Based on explicit knowledge and this can be easy and fast to capture and analyse.Results can be generalised to larger populationsCan be repeated – therefore good test re-test reliability and validityStatistical analyses and interpretation areShow MoreRelatedInformation Based Decision Making3396 Words   |  14 PagesInformation Based Decision Making Terms of Reference .................................................................................................... 3 1. Be able to identify and select sources of data and information ............................ 4 Data and Information .............................................................................................. 4 Characteristics of Good Information ............................................................................... 6 SourcesRead MoreInformation Based Decision Making Essay3221 Words   |  13 Pages| 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 identifyRead MoreDecision Making : An Essential Skill Of A Productive And Successful Manager1089 Words   |  5 PagesDecision-making is an essential skill of a productive and successful manager as it has direct impact on the organization and team. Decision-making is the process of ‘selecting an alternative from among choices that are accessible.’ There are three main models of decision-making, these include rational, intuition and bounded rationality model. These provide an effective option of dealing with decision-making, and also helps to build support for the final decision and active commitment to that decisionsRead MoreDecision Making Cycle1030 Words   |  5 Pages § The principles involved in managerial decision making and effective problem solving. The Rational Decision Making emerges from Organizational Behavior. The process is one that is logical and follows the orderly path from problem identification through solution. The Rational Decision Making is a seven step model for making rational and logical reasons: Define the problem The very first step which is normally overlooked by the top level management is defining the exact problem. ThoughRead MoreGuidelines For Policymaking, Regulations And Strategies, Clinical Decision Support1421 Words   |  6 PagesFor policymaking, regulations and strategies, clinical decision support (CDS) provides clinicians, staff, patients or other individuals with knowledge and person-specific information, intelligently filtered or presented at appropriate times, to enhance health and health care. CDS encompasses a variety of tools to enhance decision-making in the clinical workflow. These tools include computerized alerts and reminders to care providers and patients; clinical guidelines; condition-specific order sets;Read MoreStrategic Information Management807 Words   |  4 Pagesimportance of using information to inform and support strategic decision making to achieve organisational goals and objectives as set out by unit learning outcomes (LO) pertaining to this unit 7004 . These four learning outcomes are to: LO1: Be able to understand the impact of management information on decision making; LO2: Be able to understand the importance of information sharing within the organisation; LO3: Be able use information to inform and support strategic decision making; and LO4: Be ableRead MoreAre The Most On Values For Making Decisions?811 Words   |  4 PagesI would rely the most on values for making decisions. For example, a public administrator is faced with the challenge of reducing poverty by a certain degree. Information and facts are relevant in developing the best program. Research on facts and history should be done to select the best way to achieve the goal of reducing poverty for that city or town. All possible policy alternatives are outlined and rated. The best alternative is chosen from options like work-relief programs, higher welfareRead MoreEffective Appraisal Approaches And Its Influence On Investment Decision Making1441 Words   |  6 Pa gesof equipment or inventory by owner in order to improve future business. (Kahraman, 2011) Moreover, the part of decision-making acts a crucial role in business investment that depends upon the investor’s profit expectation, the availability to finance the investment and the potential cost of assets. (Virlics, 2013) However, risk and uncertainty are the basic terms to the decision-making framework. Risk can be defined as the probability of outcomes or loss that is caused by internal or external vulnerabilitiesRead MoreLogical Selection of Reasoning and Facts in Rational Decision Making1240 Words   |  5 PagesRATIONAL DECISION MAKING Rational decision making is a decision making model that involves the logical selection among possible choices that is based on reasoning and facts. In a rational decision making process a business manager will often employ a series of analytical steps to review relevant facts observation and possible outcomes before choosing a particular course of action. Rational decision making can also be termed classical decision making. Rational decision making is part of the normativeRead MoreThe Importance Of Effective Decision Making868 Words   |  4 PagesImportance of Effective Decision-Making Inadequate information, data, and knowledge. For rational decision-making to be accurate, reliable, and complete, information about various aspects of the problem under investigation is necessary. Possible future trends can be estimated with the help of such information. This facilitates rational decision-making. However, adequate and reliable information may not be available at the time of decision-making. As a result, the decisions may become defective or

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.