Bsbinm601 Decision Support System Analysis Answers

• Internal Code :
• Subject Code : BSBINM601
• University : Victoria University
• Subject Name : Management

Manage Knowledge and Information - Assessment Task 1

Q1) Information technology is used to hasten the speed of information transfers. Furthermore, these tools assist the process of gathering and systematizing information of large number of individual to make this information available in a shared database. Artificial intelligence is the computer science field that is produced the first studies related information to knowledge. Furthermore intelligence course focuses on the development of automatic and valuable solutions to problems which would need the intervention of intelligence if done by humans. Intelligence is in the technology-driven procedure for evaluating data and present actionable information which assist executives, managers and other business users to make conversant business decisions. Furthermore, it includes a wide assortment of tools application, and technique that allow organizations to gather data from internal systems and external sources. The main function of business intelligence is to enhance all elements of a corporation by increasing access to the form data and then using the data to enhance profitability. BI practices can interpret their collected data into insights into their business procedures. The sites can be used to develop tactical business decisions that enhance productivity improve revenue and improve growth and development.

Q2) New techniques, demands and data are putting pressure on organizations to reformulate their approaches to attain interactive and distributed, collaborative surroundings. One of the major trending technologies in the knowledge management system is enterprise 2.0. It focuses on empowering employees and offering them an open stage to state view and share knowledge. It is constructed on supervision to share some power on the system. The importance of this system is that it allows the information workers to work independently. Enterprise 2.0 will enable information to run more directly from inventor to receiver and allows faster information sharing and novelty. The major purpose of enterprise 2.0 is to create a more clever, capable, and productive personnel in an organization such that one can communicate easily and freely in the internal and external environment. Also the enterprise 2.0 includes various effective features. It is a novel set of Technologies, approaches and models which are used to expand and deliver business software. The technology allows people to team up for the online community and provides a higher level of collaboration. It increases transparency by making information accessible to all who require it and for the expansion of content centric systems. Finally it Leverages collaboration to involve not an only impulse but also trade partners.

Q3) a) Karl Pearson has developed the method of correlation calculations. It is one of the best mathematical methods of determining the correlation. Furthermore, the coefficient of correlation is obtained by dividing the product of values of covariance of the two Series by the product of their standard deviations. This style plays a major role in making business decisions and protects the business from volatility, complexity by taking effective steps against risk.

b) Short to medium term and long term trend analysis helps to protect the future stock price movement based on recently observed trending data. Furthermore the short intermediate and long-term are the three major types of this approach. The techniques is important in decision making because it is based on the idea that what has happened in the past gives users an idea about what will happen in the future.

c) Probability assessment is a numerical assessment of decisions on a limited set of actions which are not necessary and do not link with any arithmetical arrangement but consistent biological relations like incompatibilities equivalences implication etc. Probability assessment helps in decision making because it quantifies the gap among what is known and what needs to be recognized for an effectual decision making.

e)  The regulation analysis is a formal analysis of a proposed government agency requirement which includes benefits and costs that are quantified to the full extent possible. With the help of this approach the companies can mark a trend towards a more empirically based an analytic approach to regulating the sector. 

f) Dynamic programming is utilized when there are problems that can be divided into similar subproblems. It also tries to evaluate the outcomes of the previously solved problems. It is an effective tool to solve a wide range of sequential issues that comes under uncertainties.

g) Linear programming is an approach used to obtain optimal solutions for operations research. With the help of this model, the resources find the best and most economical solutions.

h) The queuing theory deals with issues that include queuing. Some examples of this theory can be Bank supermarket; waiting for service computers; waiting for a response. It helps to make an effective business choice on how to construct a competent and cost-effective workflow structure.

i) Simulation is a creation of a real-world process in a controlled atmosphere. it includes loss and models to represent the world. It also helps in decision making because users can use a computer to calculate trials and outputs to explore different alternatives without facing them in reality. 

j) The transportation methodology is applied to the issues linked to the study of competent transportation routes. This methodology can make effective and efficient transportation with minimum cost.

Q4) Features of the decision support system

Data collection

This is one of the most important features of the decision support system. For instance, the decision support system uses different types of devices to collect information about various events.

Data management

After collecting data it becomes necessary to manage the data. For instance, all the measurements of temperature need to be stored so that it can be evaluated. Another feature of the decision support system is data analysis which helps to analyze the raw data.

Data analysis

Another major feature of the decision support system is used to analyze the data. The high-quality analysis is necessary to make the raw data meaningful for the businesses. 

Data presentation

Data presented is based on how you deliver information to the people. It is known as the interaction between data and users.

The main features of the management information system are as follows:

System approach

 Management information system pursues the system approach which includes a step-by-step approach to the study of the system. It takes an inclusive view at subsystems to operate in an organization.

 Management-oriented

 The feature specified that system development determines a management requirement as well as the goals of the business.

 Another major feature of the management information system is that it is future-oriented. The plan and progress of information structure must also be a future reason so that the system is not limited to give only the past information

Q5) Risk management is the procedure of funding risks and planning actions to manage the overall risk. After the identification of the risk, it becomes necessary to assess and priorities. In addition, risk management decision making is a procedure to choose the best alternative for ranking the alternative for a particular risk management objective. The major goal is to create, protect and improve shareholder value by managing the uncertainty that can influence the profitability of the firm. Decision making includes various conflicting factors and alternatives. The evidences specified that uncertainty and instability of the business environment also increase the risks and influence the overall decision-making process. The decision-making process depends on selecting the most effective alternative. For instance, identifying risks factors and risk management and using the best approach to identify this to reduce its impact in addition the organizations use Different techniques in order to assess or rank the risk. The ranking system is used to identify the high and low risk so that the organization can develop the most effective solution.

Manage Knowledge and Information - Assessment Task 2

Communication Plan

Information Management Policy and Procedures

Purpose of the policy

The main function of information management policy is to make sure that full and precise minutes of all actions and judgment of College are shaped, direct and preserved. All the activities must be carried out in agreement with the relevant legislation. This will allow to King Edward College to increase information accessibility and make necessary improvement.

Application of this policy

All staff members should abide by with this policy and linked information management process in the conduct of their authorized business for Council.

Scope

The scope of the information management system policy includes the governance and management of structured and unstructured information and data. policy is mainly applied to students staff consultants visitors and third party. the policy of king Edward college is to make sure that information is administer as an asset

 Role and responsibilities

It is link to managing information or recognized the business linked information is managed in fulfillment with the lawful, authoritarian and moral obligations.

Compliance

Employee Learner's contracts are responsible following understanding and complying with King Edward College and any other attach to documentation related to their position in employment and enrollment at the college.

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