What is the role of information in the management process? • Technological, information, and…

What is the role of information in the management process?

• Technological, information, and analytical competencies are all needed to take advantage of information technology in decision making.

• Data are raw facts and fi gures; information is data made useful for decision making; useful information is timely, high quality, complete, relevant, and understandable.

 • Analytics is the systematic evaluation and analysis of information for decision making.

• Management information systems collect, organize, store, and distribute data to meet the information needs of managers.

 • Business intelligence systems organize and display data, often in the form of dashboards, so that patterns and trends are evident to decision makers.

• Information technology is breaking barriers within and between organizations as rapidly expanding developments help speed workfl ows and cut costs. For Discussion What are the potential downsides to the ways IT is changing organizations?

 

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