Information Managment Assignment Example | Topics and Well Written Essays - 1250 words

Information Managment - Assignment Example In additionally, timeliness of information shows that it must be timely or availed at the correct time for it to be useful. Finally, good data or information must be cost effective and, thus, affordable and also presented in the correct format.3 Sources of Information and Its Analysis Information within an organization is captured from a variety of sources with a view of enabling the management to make effective use of it for strategic planning and decision making. Reports have been presented as one of the most significant sources of information and data for organizations.4 These reports include financial reports, economic statistics, reports on market research, employee appraisal reports and company performance reports. Managers, therefore, capture information and data from these reports for informed decision making. For example, the financial reports of the company can be used to make strategic decisions on improved performance. Additionally, reports on employee appraisal are used by human resource managers to make decisions related to recruitment, promotion, motivation, training, and compensation and employee development. Other sources of information for managerial decision making include letters, memos, approvals, contracts, online sources, advertisers, the media, financial reviews, market trends, meeting agenda and discussions.5 The analysis of information within an organization is aimed at making the decision making process of managers as easy as possible. Statistical data are often analyzed through the use of statistical packages and programs such as Microsoft Excel and financial packages. These data are often presented in graphical and tabular forms so that managers are able to understand the business trends and, as a result, make informed strategic decisions on the business activities of the organization.6 Comparative analysis is the most appropriate method in the analysis of information within an organization. This method enables the management to com pare the performance of the organization with the previous financial periods. Additionally, comparative analysis enables managers to be able to analyze the company in relation to its competitors and market trends.7 This causes managers to reach appropriate strategic decisions which help a company to achieve a competitive advantage within the business environment.8 The Impact of Management Information Systems Management information systems describes computer systems and applications which are designed to present management information to managers in the most effective and efficient manner. Management information systems have caused a positive impact on the decision making process of managers.9 This has been achieved through the efficiency with which managers are able to access information on various functional areas of the organization. Therefore, the management team has been enabled by these systems to understand the needs of each functional area and, thus, make decisions related to the fulfillment of these needs.10 Management information system has promoted collaboration within an or