Importance of Stakeholder Analysis and Information Management System in Business

Running head: BUSINESS
Business
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1BUSINESS
Element 1
Q1.
Stakeholder analysis is significant to a better understanding of the organisational and wider
context within which knowledge management initiative can be taken under consideration of
organisational challenge. Stakeholder analysis understands the power base within an organisation
which has a strong influence on performing and behave. As stated by Laudon and Laudon
(2016), identifying the stakeholders can help to prevent the hindrance the implementation of
knowledge management.
Internal and External stakeholders' information can be collected through the campaign protocol
and questionnaire for collecting the feedback. The stakeholders must ensure the data must be
identified correctly along with agreeing on responsibilities.
Q2.
The requirement related to Information Management System can be achieved through managing
database and data warehouse. The suppliers can share their information through
telecommunications as well. Computer software is another component of the Information
Management System which is the hardware needs to know what to do and it is the role of
software. The software of the system helps to maintain integrity (Li et al. 2014).
Q3.
The individuals can lack explicit knowledge as the knowledge is formal and reliable. As stated
by Li et al. (2014), explicit knowledge is recorded and communicated through mediums. The
feature of explicit knowledge can be quickly and easily transmitted from individual to others.
The training need of explicit knowledge can be provided with the systematic way and it can build
the progressive system.
Tacit knowledge is not very easy to communicate and it can be transferred from one person to
other and tacit knowledge is hard to communicate through a medium. The knowledge needs to be
acquired to a degree which goes far and it can be achieved through experience. This knowledge
can be trained through video textbook and psychology of learning.
Q4.

2BUSINESS
Privacy Act 1988 regulates the handling of the person along with information. This act regulates
the management and use during training to retain the personal information.
Freedom of Information Act 1982, this act provides access to Government and it enables the
individuals to request to access to documents.
Public Services Act 1999, this act has numbers of the section containing directly to records
management in training.
Evidence Act 1995 provides document related to maintaining paper to be presented as evidence.
Q5.
SWOT analysis is a framework which is helpful to evaluate the organisation's competitive
position of the organisation identifying Strengths, Weaknesses, Opportunities and Threats.
SWOT analysis is a model which measures the organisation's potential strengths and
weaknesses. The effectiveness of an information management system is related to share and
distribute the IT management and level of management must be conducted to share the scope of
the organisation.
Q6.
a) Objectives of the information management system are to provide decision-making data and
meeting the company goals and improve the organisational strengths and weaknesses.
b) Decision-making is useful to capture the contextual data from all areas of business and it helps
to meet the company goals with a quick snapshot of the company sends to the people. Improving
organisational strengths and weaknesses mean sharing point to determine areas of the company
which are succeeding (Hays et al. 2015).
c) Efficient retrieval of records can be used to measure the information and proven audit trail of
record activity is another way to record the data.
Q7.
Organisational culture has a large impact on knowledge creation and it is due to the knowledge
saving. New knowledge cannot be created without bringing change.
Knowledge should be included which is to be useful for another individual. Dispersion of
knowledge increases the resources.