1.1 Additional business performance data required for decision making
The major elements of information to be reviewed will be related to stock control. This will involve the stock ordering process, the delivery process, the procedure put in place to record the available stock and the stock management process whether it is First in first out (FIFO) or Last in Fast out (LIFO). Also, various aspects of the employees that are in charge of the procurement process will be looked at. This will include their academic qualification, the length of time they have worked for the organization, their track record in terms of delivery and their moral behavior.
1.2 Sources of information for decision making
The records kept by Wallys Electronics Warehouse form the key source of information in decision making. This is because the information is historical and majorly relates to the operations of the organization. Employees within the organization also form the other source of information. They can be interviewed or interrogated if necessary so as to obtain the required information. Clients and suppliers, especially those who have dealt with the organization for long, form another credible source of information for decision making. Lastly, business journals that have analyzed the most current trends in the market also provide a key source of information.
1.3 Testing reliability, accuracy and validity of information acquired
The reliability of information used in decision making can only be ascertained by obtaining such information from a reliable source. It is noteworthy that the primary measure of information is consistency. As relates to validity, the information obtained should be appropriate and relevant to the topic of study. Therefore, in determining its validity, the information obtained from different sources should be strongly associated to the subject matter. Finally, the accuracy of information is dependent on the source of the information. Therefore, to ascertain accuracy, the information obtained should be substantiated by secondary sources and should be close to the assumption made by the subject matter.
1.4 Formal and informal networks to access corporate information for decision making
Formal channels of accessing information used in decision making includes looking at the organizations records for specific data and holding formal interviews with employees to source for specified information. An organizations database contains information such financial records, employment records, payrolls, stock prices, the organizations suppliers among other pieces of information. Note that this forms the corporate knowledge of an organization and it is vital in the decision making process. Talking to employees, especially those who have been in the organization for long is also a reliable means of accessing information because these employees are involved in the daily running of the organization and contain knowledge regarding various processes and elements.
1.5 Objective for gathering and analyzing the information
The subject matter for collecting and analyzing this information relates to fact that that there has been an increase in the loss of stock through theft at the Wallys Electronics Warehouse. Statistics show that the rate has increased from eight percent to seventeen percent over the last one month. Therefore, the key objective of gathering and analyzing this information will be to find out why the number of theft cases has risen suddenly over a short period of time. Apart from finding out the reasons for the rise in the number of theft cases, measures to eradicate the vice will be suggested and the necessary disciplinary actions will be highlighted.
1.6 Analysis methods for identifying trends in the information
The most efficient method of analyzing data is the trend analysis method which correlates information and spots a certain pattern that is depicted by the available information. This form of statistical analysis is a technique that extracts an underlying behavioral pattern that underlies a time series. If the trend is linear it is tested using a regression analysis; if it is not linear, other non-parametric methods can be used to test it. The other analysis method of identifying trends is the use of chart patterns that will aid in technical analysis and making forecasts. Based on the trends identified from the analyses, it will be easier to make decisions.
1.7 Documentation of information and corporate knowledge
Electronic documentation of corporate knowledge and information is the most effective way of retain information not only for daily use but also for future reference. This is majorly because of the increase in the amount of information, the ease sin retrieval when needed and the ability to conduct an audit with ease. It is important that all the information that is documented in an organizations system is kept up to date so that it can serve the needs of various users appropriately. When documenting corporate knowledge and information, the systems that are used should be able to make it easy to cross-reference and link different pieces of information that may be able to serve the needs of the user effectively.
Case study two
2.1 Proposed action to solve identified issues
Due to the inefficiency of the security personnel deployed by the external security firm, it could effective if the firm is fired and new firm with more efficient and professional security guards hired in their place. This will ensure that customers are checked properly and the cases of theft will decrease. To reinforce this security measure, modern electronic gadgets to check the customers should also be acquired and set at all entry and exit points of the organization. Lastly, it could be wise to install CCTV cameras at all sections of the warehouse so that it becomes easy to detect when acts of theft are being committed.
2.2 Risks for proposed actions
The major risk of the above mentioned actions is if the organization invests a lot of resources in effecting the changes and the desired results are not achieved. The organization will have lost finances that could have been used elsewhere. The risk of employing a new security firm is that it might fail to live up the expected standards and firing them again will increase the employee turnover which is not healthy for the organization. As relates to acquiring CCTVs and new technology to aid in searching customers, the associated risks are breakdowns and culprits coming up with new ways to beat these systems.
2.3 Appropriate quantitative method to assist in decision making
Quantitative techniques aid the management in improving the general quality of the decisions that they make. The most appropriate technique as relates to Wallys Electronics Warehouse is the decision tree. This is because the technique portrays a complete analysis of the potential decision and gives the management the opportunity to map alternative decision paths. The technique is also quite helpful in analyzing decisions that involve the progression of lesser decisions such as hiring, pricing and purchasing new equipment. It should be noted that this decision technique is most appropriate when evaluating decisions under circumstances of great risk and thereby making it the most appropriate quantitative technique for Wallys Electronics store under the current circumstances.
2.4 Individuals to consult before submitting proposed action to management for approval
An external management consultancy firm could be the first to consult with. This is because of the expertise of the organization and the level of independence it has from Wallys Electronics store. Therefore, the opinion received from the external consultancy firm will be deemed professional and free from bias. The organizations head of logistics would be another major individual to consult with because of the wide scope of his or her job description which will make him or her give an opinion that is more informed regarding my proposal. Also, it could be vital to consult with managers from the departments that are not affected by my proposal with the hope that they will give an opinion that is free from bias.
2.5 Ensuring decisions are in accordance with organizational objectives and guidelines
First it will be vital to ensure that objectives of the organization are clearly spelt out and understood by the team members. During the decision making process, all the decisions made should align with the stated objectives. This can be achieved by rejecting the decisions that contravene these objectives and procedures or by carefully structuring the decision so that they do not conflict with the organizations goals now and any time in the future. When it is hard to agree on whether a decision conforms or contravenes the organizational objectives, it is vital to do further consultations so as to avoid a possible conflict in the future.
2.6 Testing information systems to meet the decision makers information requirements
The effectiveness of an information system is dependent on how well it meets the needs of a user (decision makers in this case). Therefore the first step in ensuring it meets these needs is by engaging the users during the development process. Experimentation and prototyping are two most effective ways of testing information systems to en sure that they are a valuable tool to use in the process of making decisions. These methods of testing ensure that the information systems contain the relevant data required by the decision makers to carry out their functions.
2.7 Objectives of developing a dissemination and communication plan
The dissemination and communication plan is to effectively communicate the decisions made by the management. The first objective of the plan is to develop a communication strategy that will effectively relay information regarding the decisions made by the management. The second objective is to ensure that the information reaches all members within the organization to avoid conflicts. Thirdly, it is to identify the main stakeholders and ensure that their interests are well catered for in the decision making process. Lastly, it will be to specify the importance of the decisions made and how such decisions are meant to improve the organization.
2.8 Legislation requirements that impact dissemination of information
The key legislative requirement relating to the dissemination of information is that the individual or the organization that is disseminating such information is held responsible for ensuring that the information is of high quality and appropriate in all measures. The quality standards that such information should meet include utility, objectivity and integrity both in substance and objectivity. To ensure these standards the organization will use reviews such as peer reviews for certainty. Additionally, the organization should substantiate the quality of information to be disseminated through any manner that is appropriate to the information.
2.9 Technologies optimizing the quality and efficiency of information management at work
Technology gives the opportunity to maximize on efficiency and ensure quality of information. Computers process data and information faster and allow easy retrieval of information. This helps in conserving time and eliminating or reducing mistakes and errors. A major technological advancement that optimizes the quality and efficiency of information and corporate knowledge management at work is the use of Web Based Information Management Systems. As a result of the dynamic nature of information, this technology is able to maintain the quality of information and make it readily available when needed for reference.
2.10 Techniques used to maintain corporate knowledge and informa...
If you are the original author of this essay and no longer wish to have it published on the thesishelpers.org website, please click below to request its removal:
- Strategies for Solving Management Problem - Essay on Management Example
- Summary of the Article About Healthcare and Big Data Management - Paper Example
- Case-Based Assignment in Change Management
- Reaction to the Hamel's Moon Shots
- Developing Ethical Leaders - Essay Sample
- Case Study Example: Wal-Mart Stores in 2003
- Essay Sample: Overview of HRM in Cheesy Pizza Company