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BUS237 Ch.8

QuestionAnswer
management -directing resources -involves decision making -impacts all aspects of an organization
decision making selecting between alternatives
5 type of resources -financial resources -human capital -natural resources -tangible resources -intangible resources
rational decision making -asks the right Q -obtain all relevant info -discuss the prob with interested parties -weigh on the factors -choose best solution -implement the choice
Ackoff's assumptions -lack of info -> poor decisions -managers should know what data they need
data raw facts
information summarized data
knowledge relationship among pieces of info
challenges of decision making - info overload - bad data quality - collecting raw data is hard
information overload too many irrelevant info
bad data quality - dirty data -missing values -inconsistent data -data not integrated -granularity -too much data
Data quality: granularity data be defined at the correct level of detail for the intended use of the data.
Created by: sky58658
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