Bsbinm601 Manage Knowledge And Information Assessment Answers

Answer:

Management information system is a tool that mainly focuses on the management of information systems in order to produce an effective and efficient decision strategy. This tool emphasizes on studying people, organizations, relationships and technology to mention but a few. This term is mainly applied is study of business and it is also connected to certain areas such as information systems, expert systems and executive information systems.

MIS comprises of several salient features as listed below; accuracy mainly applied when entering data, constituency, completeness which is highly quality characteristic, timeliness which distinguishes old and new information and lastly uniqueness which a highly quality work component. 

Type of MIS and examples of business area under application

Expert systems and neutral networks- used in analysis of data, production of recommendations and diagnosis of decisions that are controlled.

Decision support systems- decision making area, generating statistical projections and to solving problems using external data.

Transaction processing systems- Billing systems, manufacturing schedules and checking registers.

Trend report- They are used by managers to categories products and make the comparison of performance units.

Exception report- Consolidates the information that is obtained from business units, geographic regions and accounting periods.

On demand reports- It ascertains specific information that is instantly required.  

The decision support systems are mainly used in provision of support to organization activities in decision making and business while sorting, ranking and deciding from the many alternatives. They help in the management and planning hierarchies of an organization.

DSS has also got several salient features which entails; alerts, ad hoc data filtering and retrieval, data summarization, data management and then creating data displays. 

Difference between MIS and DSS

MIS helps to facilitate communication amongst managers while DSS facilitates communication between the corporates.

MIS puts much emphasis on the information gathered while DSS mainly focuses on the leadership and senior management.

MIS mainly looks at improving the efficiency on operations while DSS looks at making efficient decisions so that company does the right thing.

MIS is not always flexible when it comes to reporting while DSS is so flexible in reporting especially when it involves big volumes of data.

Technology is the use in knowledge and information management.

Artificial intelligence is used for acquiring knowledge and reasoning based systems.

Web 2.0 technologies usually applied in blogs and wikis modern systems.

Sensitivity analysis is the study of how various uncertainties associated with output of mathematical systems; it helps to understand the relationship between output and the input variables in a business.

The dynamic programming is in business where complex data may be broken down into simple sub problems to effectively solve each of the broken down problems into simpler under stable units that can be used to make decision easily.

Linear programming is where the business output may be analyzed to make informed decisions in the business through minimizing or maximizing the output linear function for easy understanding.

Break even analysis is defined as the estimation of a point on which the expenses are found to be equal to the revenues. Therefore, in a business, that point at which the business gains are equivalent to the losses can easily be ascertained and thus decision made.

Queuing theory is the mathematical analysis that involves queues or waiting lines. Through this method, it is thus possible to use the length of the queue to estimate the business operations.

Simulation modeling is deemed as a process that involves an analysis and creation of prototypes that are digital in nature in order to make prediction of the performance of a business in the real world. Therefore, business projections can effectively be made for decisions to be made.

Transportation methodology is where the business are analyzed in a sense that amount in transportation a can be used to predict the needed amount of out and level of transportation. 

Obtain information relevant to business issues and prepare for analysis

The coffee house is a premium coffee maker that focuses on franchising their business to locals. The coffee house Coffees is known for its signature range of hot and cold coffee drinks including traditional espresso and ice blends; coffee beans from El Salvador, Colombia, Kenya, Indonesia, Guatemala, Panama, Brazil, Puerto Rico, and Hawaii. Coffee house has its stores in Sydney, NSW and including 2,861 stores in 12 countries. ”Richard said the coffee house also produces capsules and machines and customer can purchase them from various online websites and from stores” (Thomas, 2014, P.123).

The coffee house is facing a drop in a number of customers. A new area manager has been appointed and he noticed that Mossman store is losing loyal (some of them are their customer from last 7 year customers. Manager of the store stated that this issue is because their shop has a higher price as compared to others. 

Validity and reliability are two important aspects in order to approve and validate the quantitative research. Moskal & Leyden’s (2002) defined the validity as the degree to which the evidence supports that the interpretations of the data are correct and the manners in which the interpretations are used are appropriate”. In other words, validity is the one if the obtained results are truthful and believable.

Data discarded  Justification

Verbal report from the manager I would rather go to nearby coffee shops as a customer and will investigate their prices.

The time series data is obtained by gathering observations from well-defined items that are obtained through repetition of measurements for a given period of time.   

Conclusion 

The root cause of his performance was mainly the change in demands that were varying as the prices were shooting high in some years as others were declining hence leading to change in the demand and supply as well. Samuel said according to the hypothesis conducted by the manager, he forecast that due to the change in prices the demand might remain the same which was not the case” (George, 2013, P.456). But this has been reflected in the above table. 

As a manager, it is always crucial to identify customer satisfaction with the key drivers.

Therefore, performance analysis is effective tools that can be used carry this.

Works cited

Samuel, P. (2012). According to the hypothesis conducted by the manager, he forecast that due to the change in prices the demand might remain the same which was not the case. Sydney, Herman presses.

Richard, E. (2013). The coffee house also produces capsules and machines and customer can purchase them from various online websites and from stores: Germany, Duke Press.