Information Based Decision Making Essay Example | Topics and Well Written Essays - 2500 words

Information Based Decision Making - Essay Example In general a decision is made depending on the situation and the issue. The decision made cannot be favorable for everyone in all circumstances. It may lead to improvement or adverse effects on the situation. The information from the concerned department is the important part of decision making process. A decision is made only after collecting the relevant information. Thus information plays a major role in any decision. As a strategic manager I should design a strategy that helps in the process of decision making. This strategy must incorporate the plans that improve the existing situation. The strategy should consist of step by step procedure. The data and information must be selected when using the information based decision making. The nature of the data is an important aspect of information based decision making. (Johnson, 2008).The decision can be made only based on the nature of data. To get the data the data source must be selected well in advance. Once the data source is selected the corresponding data can be retrieved from the specified source. The identification and selection of data involves ascertaining the nature of data, data selection criteria and analyzing the legal requirements of data collection and storage. These are outlined in the following steps. Data is generally given as an input to the corresponding information system. The raw data is processed in the system after which it is given as an output. This output is referred as the information. Data can be in the form of a text file, image, video or an audio. Hence the data can be in any format that is understandable by the respective information system. This data is processed to form complete information. Data is an abstract type of information. The data can be either quantitative or qualitative. The nature of data has gone through various phases of improvement. Due to the latest technologies and the advancements, data's nature is completely different when compared to the initial stages. The nature of the data and the information must be assessed so that the decision is made according to the nature and type of data. The type of data may also differ from one system to another. The decision will differ based on the type of data. The processed information is then analyzed after which the next step begins. Criteria for Data Selection Data selection is an important aspect of information based decision making. Data selection is done based on various criteria. The data must satisfy the criteria to enter in to the system. The data selection criter