Effective Decision Making through Authentic Information Sharing

The assignment content emphasizes the importance of effective decision-making in organizations. It highlights that authentic information and correct interpretation are crucial for making informed decisions. The paper also underscores the significance of managing information and knowledge properly to improve methods of information collection. Additionally, it touches on the role of stakeholders, both internal and external, in influencing business operations and the need for effective communication to maintain good relationships with them.

MCKI

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 A discussion on the range of decisions.............................................................................1
1.2 Information and knowledge for effective decision making..............................................2
1.3 Internal and external sources of information and understanding.....................................2
2.1 Identification of stakeholders...........................................................................................3
2.2 Development of business relationship..............................................................................4
2.3 Involve those identified in the decision making process..................................................4
2.4 Strategies for Improvement..............................................................................................5
TASK 2............................................................................................................................................6
3.1 A discussion on the existing process of communication within HMRC..........................6
3.2 Appropriateness of communication process in HMRC....................................................7
3.3 Improvements to ensure greater integration of systems...................................................7
TASK 3............................................................................................................................................8
3.4 Personal Communication and Development Plan............................................................8
TASK 4............................................................................................................................................9
4.1 Existing approaches to collection, formatting, storage and dissemination of information9
4.2 Improvements in the collection, formatting, storage and dissemination of information..9
4.3 Strategy to improve access systems...............................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Managing communication is a systematic process of planning, implementing and
monitoring all factors of communication between or within organisations. In general,
communication is a two way process of sending and receiving information (Williams, 2015.).
This report will help in developing communication process. Moreover, Foundation of any
business venture is dependent on decision making ability and effective communication of a
founder. This report is based on case scenario in which David is planning to start its own coffee
shop in the city of London. This report will help in observing information and knowledge
required for effective decision making. Furthermore, this report will also cover strategies to
increase personal networking to widen involvement in decision making process and will also
help in improving systems related to information and knowledge (Kankanhalli, Tan and Wei,
2005).
TASK 1
1.1 A discussion on the range of decisions
For starting a new business David has to set a business structure which will include some
important decisions for successfully running a new venture. David has to take following
decisions, Operational level: For starting a new business, firstly David has to choose a place for his
coffee shop in a well developed area of London which covers large number of
population, which will help in running the business effectively and have several offices
and collages (Eppler, 2006). After deciding a location for his coffee shop, David will
require finance for buying or leasing the place for coffee shop and product range at a
coffee shop, for instance how many types of coffee he want to serve to his customers and
how many variety of snacks he would serve along with coffee. Day to day running of a business: In the next step, David needs to take decisions for day
to day running of a coffee shop, for example availability of staff, purchase of groceries
(Coffee/ Milk/ Other ingredients) and target customers. David's coffee shop target
customers who are working as professionals and are college students as they will
appreciate affordable and good quality coffee (Dozier, Grunig and Grunig, 2013).
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However, to increase day to day running David's staff can offer seasonal snacks also to
their customers.
 Strategic Level: This is one of the most important elements to start up and run a new
business because strategies affect the whole business. As per the strategic plan David’s
coffee shop will decide prices and promotion activities to attract more customers
(Holtshouse, 2013). To promote new coffee shop, they can use people to advertise
through word of mouth in nearby areas and can provide discount coupons in target
market area, similarly punch card and customer reward card can be helpful in brand
promotion activity of David's coffee shop. Furthermore, Strategic level also include
important decisions related to finance for daily operating business and marketing
promotion activities. However, all these important decisions should be taken in strategic
level to open a new coffee shop.
1.2 Information and knowledge for effective decision making
In order to make effective decisions David will have to collect information about his
competitor and target customers. In a process of opening a new coffee shop David will need to
find out its competitor's prevailing in the location because it will affect business in many aspects
(Alavi, Kayworth and Leidner, 2005). For instance, someone is already running a coffee shop in
that area than customers will be divided and in that case David is required to take care of variety,
quality, service and price criteria equally.
Similarly, David will need to collect information about his target customer segment and
also he is required to get information about his target customer taste, such as, what kind of coffee
they will prefer and what kind of snacks they would like to have along with coffee (AO'Brien,
Marakas and et. al. 2006). However, David can keep some dry sandwiches, bakery products
(cookies and pastries etc.) and other non-coffee variety such as smoothies and frappes to attract
more and more customers at their coffee shop. Further, David can research about coffee shops in
neighbourhood and provide the products similar or better from the competitors to the customer.
New offers for regular customers and new customers daily of week-wise also help in retaining
the customers.
1.3 Internal and external sources of information and understanding
While considering sources of internal and external information and understanding the
new business establishment. Internal source of information is mostly collected from inside the
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organisation (Laudon and Laudon, 2004). There are varieties of internal sources which are
available, such as, Financial Information: This information generally relates to financial health of the
organization which include profit margins, costs etc.
 Marketing and sales Information: In this source marketing team provides information
about sales promotion activities likes and dislikes of potential customer's etc. this
information can help in improving services.
External Sources: Government: This provides information related to business dealings, rules and
regulations, tax liabilities etc. for opening new business (Sambamurthy and Subramani,
2005).
 Database and research: Furthermore, with the help of database and research David can
increase sales and customer interest for his new coffee shop. The main reason for
research information is that it helps in running new business accurately and reliably.
2.1 Identification of stakeholders
Stakeholders of the new coffee shop business are the individual or groups who can
influence activity in the organisation, stakeholders in David's new business are following: Owner: Owner of the company is an internal stake holder, owner of new business can
dictate about how the aims of business are decided which can affect the decision making
process (Lee and Wen-Jung, 2005). Managers: These are the individual who manage day to day activity of new business;
they can take decisions for improving services which may help them in increasing sales. Workers: Furthermore, Workers are also important stakeholders in new business, because
they take decisions to work effectively in day to day operations of new business, which
will help them in earning incentives and high wages. Customer: Moreover, customers are external stakeholders in any business, if business
ignores customers needs than this will be a big lose for them (Business Stakeholders:
Internal and External, 2015). Suppliers: In external stakeholders, suppliers also plays crucial role in decision making
process because they supply their products to business.
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 Government: Government is also an external stakeholder which helps the organisation to
take decisions regarding tax liability, rules and regulations etc.
 Society: As an external stakeholder society helps to know organisation about culture and
environment which affects the decision making ability of the organisation.
David can create partnership with these stakeholders to encourage their participation,
which will help the new coffee shop business to be successful (Smith, Collins, and Clark 2005).
Moreover, it will help in reducing conflicts which will be beneficial for the effective decision
making.
2.2 Development of business relationship
To maintain good business relationship with the stakeholders and to achieve the desired
outputs, organisation will need to follow these steps: Contact with customer's: For effective decision making in new business, customer plays
a crucial role as a stakeholder. The organisation can regularly contact their customers
through emails and can take suggestions for their demand and need (Wengrzyn, 2015).
Customer's feedback will help the organisation to take effective decisions to improve
their services. Managers and workers: To develop good relationship with managers and workers, the
company can contact them through emails, meetings, and conference calls. Immediate
feedback on message has positive impact on decision making (Sher and Lee, 2004). For
workers and managers conference calls and emails are most common, which does not
require much time and cost. Moreover, meetings are also most common ways to
communicate with Managers and workers.
 Suppliers: Suppliers are important stakeholders in the organisation’s decision making
process for developing good relationship with suppliers and they can be contacted
through formal or informal meetings (Yew Wong, 2005). These meetings help to gather
information about customers’ demands and supplies which helps in effective decision
making in the organisation.
2.3 Involve those identified in the decision making process
After the identification of stakeholder as an owner of new business, David should allow
them to participate in decision making process of the organisation. Shared decision making
between David and its stakeholders is important for business growth (Kuhlen, 2004). This
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decision of David will help stakeholders to understand situation of organisation for decision
making. Contact with customer's: Organisation can take customer feedback and suggestions for
improvement. However, involving suggestion and feedback of customers will help in
effective decision making process. Managers and workers: Furthermore, Managers and workers are directly concerned with
business; they can give better suggestion for improvement which can be helpful in
decision making process of David’s new Coffee shop.
 Suppliers: As a stakeholder suppliers also plays crucial role in decision making process
because they supply their products for the business and with time they upgrade their
products and service and this up-gradation affects the organization (Eppler, 2006).
Thereby it is very important to involve these stakeholders in organisation's decision
making process.
2.4 Strategies for Improvement
For the purpose of starting David's new coffee shop, the strategy for improvement can be
furnish by providing training and development to staff. In a new business, the objectives of
employee training and development are clear; through training and development program
David's staff will gather new skills which will increase their contribution in the business
(Ruggles, 2009). Training provides them with continuous process of planned learning experience
and builds their technical and business competencies skills. Thereby it is recommended, that
training and development strategy is essential for improving new business because these
programs enhance the skills of employees to do new and different tasks which keep them
motivated. Moreover, learning and development programs for new coffee shop staff will improve
business performance, profit and staff efficiency. With all these qualities staff of the coffee shop
will be able to provide better services to customers that will be beneficial in increasing customer
satisfaction.
TASK 2
3.1 A discussion on the existing process of communication within HMRC
HMRC uses two different ways for organisational communication which are internal
communication and external communication. With the help of internal communication,
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employee easily understands the new developments and their nature of responsibilities (Bose,
2004). However, External communication involves stakeholders and customers for providing
information. There are several methods available for Internal and external communication which
organisation is following,
External Communication methods: Written Communication: For written communication with stakeholders and customers,
the management of HMRC dispatches communication through emails and newsletters. Oral Communication: Furthermore, Oral communication can be continued by
Telephonic conversation. It is the most effective way to resolve misunderstanding
immediately (Leidner and Kayworth, 2006). Face to face communication: Another method for communication which organisation
uses is formal or informal meetings. This helps them in saving their time and subsequent
communication.
 Online Communication: Moreover, HMRC is using their online portal for
communicating with their stakeholders and customers which is a cheap and efficient
mean of communication.
Internal communication methods: Written communication: The organisation uses written communication method for
internal communication also in which they use staff magazines, notices, posters and staff
notice board (Turner and Makhija, 2006). Oral Communication: Oral communication is initiated by telephonic conversation
between employees.
 Face to face: Team meetings, activities and presentations etc. are effective methods of
internal communication.
3.2 Appropriateness of communication process in HMRC
There are various methods available for improving Internal and external communication
which organisation can follow, for instance, the company can communicate through video
conferencing with stakeholders, customers and employees as well. Through this, they can
experience real time conversation (van den Hooff and De Ridder, 2004). Similarly, social
networking sites, advertisement and company portal can also create effective communication
process internally as well as externally. However, today's generation is more influenced by social
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media and internet advertisement, these communication mediums can attract more number of
young customers. The firm can post advertisements of daily offers on these social media to
communicate their massege.
Furthermore, all information can be transferred through local computer network for
internal communication. These options can be helpful in improving appropriateness of
communication process within the organisation.
3.3 Improvements to ensure greater integration of systems
To implement the above mentioned methods of improvement, organization can provide
training and development to their employee. Through this, employee will gather technical
knowledge about the use of video conferencing method to communicate within the organisation.
Moreover, it will make wider impact in the organization through their performance
improvements and dissemination of information and networking within the organisation
(Ruggles, 2009). Within the company, team meetings and group discussions plays crucial role in
the communication process. There are many types of meeting which can integrate better
communication such as, project meeting, conference, teleconferencing, and video conferencing
in a formal or informal method. Thereby, training and development can be helpful in ensuring
greater integration of communication system of videoconferencing. Video conferencing plays
significant role in retaining the top employees of the organization who are working in various
branches of business. Moreover, this system will improve and maintain the business relationships
with stakeholders of the organization.
TASK 3
3.4 Personal Communication and Development Plan
To be successful in many aspects of life effective communication skills are necessary.
Below mentioned is an assessment of my current communication skill set: Strengths: My major strengths are my verbal communication skills; with the help of
verbal communication skill I can easily share my ideas and thoughts with people.
Moreover, this helps me in building good relationship and trust with everyone. Weaknesses: My weaknesses are non verbal and written communication skills. Non
verbal communication skills and written communication skills includes body language,
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facial expressions and gestures. I cannot communicate easily with people through this
way. Opportunities: To overcome my weaknesses I have following opportunities, I can easily
accept criticism and feedback from my superiors. I will do coaching for improving my
communication skills. Moreover, I can attend workshops and seminars to improve my
interpersonal communication skills.
 Threats: My threats are my competitors who possess much stronger communication
skills and better time management strategies than me and other than these technical
challenges are my threats.
My plan to overcome weaknesses is as follows:
Objective Opportunities to improve Time required
Non-Verbal communication
skills
Workshops and seminars. 2 Months.
Written communication skills Writing tasks, Books,
workshops and seminars etc.
1 Month
Plan to achieve the objectives mentioned in plan-sheet: Non Verbal Communication skills – To improve my non verbal communication skills I
will attend workshops and seminars, I will also involve myself into social activities and
communicate more with people which will help me in improving my non verbal
communication skills.
 Written communication skills – Furthermore, to overcome my written communication
skills I will take help from newsletters, books and internet. Moreover, I will attend
workshops and seminars for improving my written communication skills.
TASK 4
4.1 Existing approaches to collection, formatting, storage and dissemination of information
There are various sources available for Data collection, formatting, storage and
dissemination of information and knowledge for HND business course, Such as, Collection: In order to collect data, we need to gather information through different
sources; they can collect information through primary sources and secondary sources.
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Primary data can be collected directly by researchers through Interviews, observation,
action research, case studies, life histories, ethnographic research etc. (Laudon, and
Laudon, 2004.) Similarly, secondary data collection sources are the data which already
exists, such as, previous research, official statistics, diaries, letters, government reports,
web information, historical data and information etc. Formatting: Information collected through primary and secondary data collection
method can be formatted by various ways as per the organisational requirement. Data
formatting can be initiated by using Microsoft excel. Storage: Furthermore, updated and relevant information can be stored in the organisation
by documenting, filing and using a hard disk which can be accessed easily and for easy
retrieval of information as per the requirement.
 Dissemination of information: dissemination of information should be done and it
should first verify the appropriate receiver of the information. The appropriate
information dissemination can be done through email, social media sites, fax, videos,
teleconferencing, web casts and through oral communication (Alavi, Kayworth and
Leidner, 2005).
The above mentioned approaches can be used to collect, format, store and disseminate
the information.
4.2 Improvements in the collection, formatting, storage and dissemination of information
To Change and improve approaches of collection, formatting, storage and dissemination
of information and knowledge, we can implement the following; Collection: To improve the approach of data collection we can prepare questionnaire, by
the use of questionnaires we can collect large amount of information in short time which
is cost effective method (Smith, Collins and Clark, 2005). Through questionnaires the
data can be analysed more scientifically for research purpose. Formatting: Information gathered through questionnaires can be formatted through MS
Word for improvement. It contains many additional features which is not possible in MS
Excel. Storage: Above captured information through questionnaire can be stored in specialized
database, digital libraries and in other web resources (Dalkir, 2013). This information
can be stored which is user friendly and easy to retrieve when required.
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 Dissemination of information: Furthermore, to improvise the dissemination of the
information in public platform, organization can use appropriate media; for instance,
social media sites and advertisements are quite popular these days for disseminating
information. Moreover, the firm can use telecommunication as a medium for
dissemination of information. In today's advanced technological world destination of
information is become much easier than previous time.
4.3 Strategy to improve access systems
For any organisation, information and knowledge is essential for maintaining everyday
operations. Our strategy is to improve data access system so that we can collect data and
information from authentic sources. This information should include information about each and
every department of the organization and this should discuss the progress, issues, and reviews
and can upgrade system by using feedback and by taking suggestion of others (Turner and
Makhija, 2006). For this purpose, MIS can be installed through which proper integration of
department can be done. With this, information and knowledge can be transferred within the
department without any discrepancies and barriers. Through this, noise from communication can
be removed and also the individual can be offered with varied types of login details from which
data can be accessed with ease. This will help in arranging whole information in proper format
which can be accessed in future at the time of decision making. In addition to it, certain amount
of data will be stored over cloud so that it can be accessed by concerned authority from
anywhere. With these, required decisions can be taken at the time of urgency and also it will help
in sharing information with outsiders as well. Thereby, it is important to easily access the
information for effective decision making in the organization. Information and knowledge should
be managed properly by constantly improving methods of information collection.
CONCLUSION
To create effective decision making experience, authentic information and interpreting
the information correctly is essential. Information and knowledge are important aspect of modern
organization. Due to the complexity of operating a business, people need to gather effective
knowledge, skills and expertise. Apart from this, there are many factors which affect the decision
making process in the organization. Stakeholders are one of the important factors in a business
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that can influence operations in the organisation. However, to maintain good relationship with
stakeholders and to attain desired business output effective communication is essential.
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REFERENCES
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