Marketing

CMI- DIPLOMA IN MANAGEMENT AND LEADERSHIP
Information Based Decision Making
Identifying sources of data and Information
Nowadays, is well know we have lots of information available with a simple "click", all together under our fingers, allowing us to know, learn, decide or find whatever we desire; this was unthinkable in our parents time when the only way to find fast and quicklyinformation was visiting the library, at least. But not everything is good news, as most of youth, trying to find the correct answer online, sometimes means a huge waste of time and get lost in the way to find an appropriate solution to our "main goal", directing us to an interesting analyze about the information and the ways to analyze it.
Difference between Data and Information
Data.- Collection offacts, figures and statistics related to an object, this can be processed to create useful information and is a valuable asset for an organization. Data can be used by the managers to perform effective and successful operations of management. It provides a view of past activities related to the rise and fall of an organization. It also enables the user to make better decision for future.Information.- The manipulated and processed form of data is called information. It is more meaningful than data and is used for making decisions. Data is used as input for processing and information as output of this processing.
(Lingham, Leo. 2011, http://en.allexperts.com/q/Human-Resources-2866/2011/4/Human-Resource-Development-1.htm)

Analyzing and presenting Information
At the classroom weanalyze different methods to define the meaning of the information:
* Grouping your Data
* Distribution
* Trends
* Average (mean, median, mode, range) and
* Correlation
The following exercise helped us to understand in detail the Average method.
Data set: 3, 5, 9, 4, 5, 11, 10, 5, 7, 7, 80, 10
Mean.- 3, 4, 5, 5, 5, 7, 7, 9, 10, 10, 11, 80= 156/12=13
Median.-3, 4, 5, 5, 5, (7, 7), 9, 10, 10,11, 80 (middle one)
Mode.- 5 (more frequently)
Range.- 80 - 3= 77 (the largest least the lowest)
The Correlation method is a good way to understand the relationship between two different factors having a positive or negative connection and to identify reasons that can help our organization.
On the one hand, the positive correlation is, as one condition increase with the other one happen thesame (+1).
Example to explain:
The correlation coefficient between the temperature in the day and the number of people attending a football game has been identified as +1. What does that tell us?
This means, when the value of the first increase, with the value of the second one happen the same. If we analyze that as the temperature in the day increase, the people are going to feel more likelyto attend the football game. The first increase, as result, the second one too, but, if temperature starts to felt down and the people start to leave, is as well a positive correlation, even though a negative result because of the circumstances.
On the other hand, the negative correlation is, as one condition increase the other one decrease, been still a correlation but more in “inverse”.

Asan online example mention:
There is a negative correlation between TV viewing and class grades-students who spend more time watching TV tend to have lower grades (or phrased as students with higher grades tend to spend less time watching TV).
The scatterplot below shows the sample data from the table. The line on the scatterplot shows what a negative correlation looks like. Any negativecorrelation will have a line with that direction.

Participant GPA TV in hours per week
#1 3.1 14
#2 2.4 10
#3 2.0 20
#4 3.8 7
#5 2.2 25
#6 3.4 9
#7 2.9 15
#8 3.2 13
#9 3.7 4
#10 3.5 21


GPA* Grade Point Average
An advantage of the correlation method is that we can make predictions about things when we know about correlations. A disadvantage can be that we need to remember that...