Knowledge Management and Business Decision-Making

Steps in either a customer or staff feedback process

There are three steps in a customer or staff feedback process including input, transmission, and report. The input involves gathering and processing the relevant information to make it meaningful to the end-user. The transmission involves collecting and interpreting the information into a format or a specification stating what one wants to gather from the user and presenting it. The report is the reaction/output of the user to inquiry and it can be relayed as written, oral, speech, or diagrams.

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Three typical business problem solutions

First, the budget can constrain the ability to gather the best information; a well-prepared budget is an essential tool in the gathering of information that is used to solve business problems. Secondly, ample time to analyze primary and secondary data that will form the solution to the business problem should be available. Finally, enough and well-qualified experts should be hired to carry out accurate surveys, analyze data, and avail remedies.

The steps in a problem-solving/decision-making process

First, make a clear description of the problem condition, collect all the facts regarding the issue, and analyze the causes of these issues. Secondly, analyze the condition thoroughly by thinking and brainstorming for present solutions and options (Chapman, 2010). Thirdly, consider the consequences of implementing each alternative and choose the best alternative. Lastly, evaluate the decision and the problem-solving mechanisms to enhance appropriate and effective implementation and decide what steps to follow next.

The criteria for assessing the quality of information you access or receive.

The quality of the information received can be assessed based on conciseness, organization, the need for the user, and accuracy. Concise presentation is easier to understand and vital information is grasped quickly. Also, the information received should be organized logically with titles and subtitles for easier reading and understanding. The information accessed is useless if it’s not accurate or does not address the purpose of the user.

Two types of informal networks from business knowledge or experience and how they function and their effectiveness

Social networks such as Facebook and Twitter function by users forming groups on the internet to share information ranging from personal life, business ideas, job issues, and other social issues. At work or business, these social networks can be a source of new ideas, which can solve problems, but they also waste a lot of time when accessed during working secession. Social welfare groups function through people coming together with goals to access social and welfare services as a community. They are very effective in socializing and addressing the needs of the workforce and people leading to improved esteem and productivity.

Three different analysis techniques you can use in managerial decision making

The first technique is deciding whether this results in a ‘Yes’ or a ‘No’ answer. The second is decisions that allow a manager to choose one or more alternatives from a set of alternatives arrived at previously. The third is decisions contingent, which are decisions that are made and withheld until further conditions are set.

Statistical analysis techniques in business and the situations in which their use is appropriate

First, optimizing in this technique, the best possible solution to a problem is selected. Secondly, by satisfying in this technique, the first satisfactory alternative is selected rather than the best alternative. The third is maximax, where the maximum payoff of all the alternatives is selected.

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How a managerial information or decision making system works

Generally, MIS works through authoritarian and group approaches. In the authoritarian approach, the manager makes a decision depending on the information gathered, knowledge, and experience. In a group approach, the group shares ideas, compare alternatives, and agrees on the alternative to implement.

The steps required in collecting and gathering information

In collecting information, the first step is to formulate questions needed for study using the ‘Who’, ‘Why’, ‘How’ and ‘What’ technique. The second step is to choose the appropriate method of gathering the information and then collecting it. The third step involves analyzing and interpreting the information and making a decision based on the information. The last step is offering responses, feedback, or report as required and plan about the next course of action (Anon, n.d.).

Documentation is required for the evaluation of the evidence and the justification of conclusions

The results of research and analysis are presented in terms of a report. Computers and other devices help in the preparation and presentation of the report. Depending on the nature of the report, it can contain graphical information, statistical information, financial information, word-processed information, database reports, and spreadsheets, which can be used to evaluate evidence and justify the conclusion.

List with a brief description, the steps in the standard risk management process

  • First, establish a contingencies plan with goals that are not too rigid and are within the context of the plan;
  • Secondly, identify the risks likely to affect your outputs and make things go wrong (Culp, 2001);
  • Thirdly, analyze and evaluate risk depending on the probability of occurrence and the impact;
  • Lastly, formulate solutions or alternatives, monitor and report on the progress.

The consultation process is undertaken when seeking advice from either internal experts or external consultants

In seeking advice, the first aspect involves checking the validity of the experts in terms of reputation and whether they have adequate resources for the job. Secondly, it is important to verify the reliability of the experts in terms of results delivery and whether they are biased. Lastly, the relevance of their methods and results should be accessed.

How the organization’s requirements and procedures influence the way you manage information

The policy and procedures stipulate how information is handled and processed and direct the staff on what is bad and right in the handling of the information. The information policy and procedures help in managing the movement of information in and out of the organization. They also help in making sure that the correct message is sent to the internal and external environment at the appropriate times. They direct one on what to do in addressing the problem and how to manage people to perform well.

How to ensure that business information is up-to-date, accurate, relevant, and sufficient for the recipient(s)

This is achieved through first, summarising whereby, a huge amount of data is transformed into smaller data using an appropriate manner or method. Secondly, sorting involves arranging the data in a pattern or in an organized way. Thirdly, formulation involves the application of a given formula to a set of data that result in a new set of data. Lastly, storing it manually, in computers and telecommunication networks, and making changes for an update when necessary.

The process for updating databases in your organization

The process of updating databases involves specification whereby, one clearly states the type of information to be gathered and how it will be included in the database at the end of the study. Then job instructions are followed through the use of knowledge and skills. Finally, there is a need to consult with end-users about their requirements and work to achieve an end product fitting their needs.

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The main elements of a business communication plan

Several elements make up a business communication plan, the first one being the executive summary, which includes a summary of all the main points and serves to give the executive an idea of what is contained in the report. Secondly, the contents table gives an outline of how the report is organized in terms of contents. Also, the introduction and the main body represent an area where the results are presented and methods used to arrive at them are shown. Lastly, the conclusion and recommendation provide a summary of findings and relevant suggestions.

The steps managers should take to ensure security/confidentiality/privacy in the transmission/release/storage of corporate information and knowledge

The corporate information and knowledge must be authorized and circulated by policy directing its use. This prevents the leaking of confidential information and ensures the information is used for the intended purpose. Nevertheless, the manager should ensure that the staffs are aware of their responsibility regarding the handling of the data.

Reference List

Anon. N.d. CHR: Listening to Patients/Customers: A Process Guide Volume II, Unit 7. University of Victoria. Webb.

Chapman, A., 2010. Simple processes for problem- solving and decision-making. Web.

Culp, C. L., 2001. The risk management process: business strategy and tactics. NY: John Wiley and Sons.

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