BUSINESS RESEARCH

Information Based Decision Making

Information based decision making is about using, presenting and communicating data that supports your decision-making process. This month, we’re focusing on how managers and leaders must be able to undertake critical analysis and evaluation to support decision making and use effective problem-solving techniques.

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April 2018 Apprenticeship Issue

Key techniques: Developing your skills and behaviours

Decision Trees
Make more intelligent decisions with decision trees
A decision tree is an analytical tool for analysing a series of decisions to be made over time. It is a pictorial representation of the flow of events in a logical and time-sequenced manner so that the decision-maker can consider the possible risks, rewards and consequences.

Delphi Forecasting Method
Capture knowledge for a complex problem
The Delphi technique is mostly used for problem solving, planning and decision-analysis. Its aim is not to produce the ‘right’ answer, but to produce a communication climate conductive for rational and objective thought.

Knowledge Management
Use knowledge management to enhance learning and performance
The value of knowledge is a necessary but not sufficient condition for competitive advantage; it is how knowledge is exploited and managed that counts. Knowledge management encompasses any systematic attempt to acquire, produce, codify or share knowledge in order to positively enhance organisational learning, performance and competitiveness.

Information Management
Understand how information management can help decision-makers
Information management is the process by which relevant information is provided to decision-makers in a timely manner. Today, information is the lifeblood of the firm and a wide range of information management technologies are in use. In today’s globalised and turbulent environments, information management has become an important tool that helps build organisational competitive advantage.

Referenced techniques

Technique

Decision Trees

The concept describes one of the most used decision-making models, a decision tree, which explores all possible decisions and their consequences and allows for comparison of such alternatives in one single pane.

Technique

Delphi Forecasting Method

The concept reviews the Delphi forecasting technique and discusses why it is used in a particular setting and how it is implemented.

Technique

Knowledge Management

This concept provides a review and interpretation of previous work on knowledge management and offers a comprehensive account of benefits achieved by properly managing knowledge, implementation information and success factors.

Technique

Information Management

The concept is created to help practitioners better understand the notion of information management, its history, practical use, implementation strategy and limitations.

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