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Essay / Research Paper Abstract
The role of information in the decision making process may be important. This paper argues that there is a danger that with increasing available source of information, that this will detract from the decision making process due to a skewed emphasis. After considering the role of information in analysis models and the traditional decision making processes it is suggested that an emergent strategy may be more suited to a changing environment. The bibliography cites 6 sources.
Page Count:
9 pages (~225 words per page)
File: TS14_TEinfool.rtf
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reflection of the quality of the input. They all require input of information. The concentration on this information, its gathering and use, what it should be and where it should
come form may be seen as adding complexity, but greater understanding. The problem can be seen when there is too much information. Human decision making process are constrained by bounded
rationality, this limits the amount of variables they may take in at any one time. The use of technological systems with information may also be skewed with irrelevant information and
a lack of ability to differentiation relevant and irrelevant. In the age of the computer, this is an issue more likely to arise than ever before; the problem of too
much, rather than not enough information. Unfortunately, when considering may of the models there is little emphasis on the actual decision
making process once the information is gathered. There is also little consideration of the time that may be taken, In business opportunities may present themselves, but the window of opportunity
may require fast action or an immediate response. The gathering of information may be a conservative approach, resulting in less risk, but also loose opportunities and over analyse a situation.
Information may concern the internal or the external environment. There are several models that can be used to gather information and classify
it. Traditional models include a SWOT analysis as well as a PEST, or PESTLE analysis where environmental information is collected to give an overall picture of the general environment internally
and externally. Porter has been studying this area of many years. His five forces model may be seen as one of the most widely used analytical tools to assess the
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