Australia Institute: Manage Knowledge and Information Skills Task 1

This assignment focuses on the principles of knowledge and information management, covering topics such as emerging technologies like Facebook and Apps, and their application in storing and advertising information. It explores statistical analysis and quantitative methods including profitability assessment, long-term trend analysis, and linear programming, which are crucial in decision-making processes. The assignment also outlines the key features of management information systems and decision support systems and explains how risk management plans can be utilized to determine appropriate courses of action, especially within the context of information systems to identify and mitigate potential negative events. The solution includes references to support the analysis and provides a comprehensive understanding of the subject matter.

Manage Knowledge and Information Skills Australia Institute
Task 1 – Theory: Short Answer Questions
Task 1 requires you to develop and maintain information processing systems
to support decision making; and to optimise the use of knowledge and learning
throughout the organisation.
To enable you to do this, you must answer the following questions.
If you require more space, you may use your own paper placing your name and
group identifier at the top and the question number beside your answer.
If you use your own business, you must include copies of all documentation to
which you refer for the Assessor.
If you use your own business, all answers must be confirmed by your
supervisor during the interview to complete the Evidence Record.
1a Give examples of 2 existing and emerging technologies and how they can be
used in knowledge and information management.
Two examples of emerging technologies are Facebook and App. Facebook is used in
knowledge and information management mainly by storing and advertising some important
details of products and services offered by an organization. Apps, on the other hand, are used
to store some critical information of organizations and can also be used to update the
information when necessary.
1b Explain statistical analysis and other quantitative methods commonly used in
decision making. You must include at least three of:
Some of the main statistical analysis and other quantitative methods used in decision making
are profitability assessment, long-term trend analysis, and linear programming.
Profitability assessment is done to evaluate or assess the profits which an organization
has been making for the right decision to be made on how the profits can be improved
(Stillitano et al., 2016). After assessing the previous profits, organizations are able to
determine their potential and thus come up with more effective decisions and strategies which
can help them to realize their full potential.
Long-term trend analysis involves analysing the performance trends of an
organization. By analysing these trends, an organization is able to know whether its
performance has been improving, stagnating, or declining (Zhu et al., 2016). After
understanding this, the organization come up with the appropriate decisions and strategies
which will help to improve its performance.
Linear programming is method which entails analysing how an organization utilises
its resources and the outcomes or profits it enjoys. After doing this analysis, the organization
is able to make the right decisions and come up with appropriate strategies which will help in
optimizing its operations and performance for it to enjoy the maximum possible outcomes or
profits.
Kezang Wangmo Student IDS9990252 Date: 21/07/2019 Page no.

Manage Knowledge and Information Skills Australia Institute
1c Outline key features of management information systems and decision
support systems.
Key features of management information systems and decision support systems are
as follows
Both involve use of special computer software
Both entail detailed analysis of some data or information
Both help to improve the overall performance of organizations
1d Explain how to utilise risk management plans (for the Information system) to
determine acceptable courses of action.
Risk management plans help in identifying the potential negative events which can
arise in an organization, and thus come up with some plans which can help to mitigate or
minimize the likelihood of these events occurring. Risk management plans also help
organizations to be prepared to face some negative events, and determine the acceptable
courses of actions which they will take to address these negative events when they arise.
Kezang Wangmo Student IDS9990252 Date: 21/07/2019 Page no.

Manage Knowledge and Information Skills Australia Institute
References
Stillitano, T., De Luca, A. I., Falcone, G., Spada, E., Gulisano, G., & Strano, A. (2016).
Economic profitability assessment of Mediterranean olive growing systems.
Bulgarian Journal of Agricultural Science, 22(4), 517-526.
Zhu, C., Zhu, H., Xiong, H., Ding, P., & Xie, F. (2016, August). Recruitment market trend
analysis with sequential latent variable models. In Proceedings of the 22nd ACM
SIGKDD International Conference on Knowledge Discovery and Data Mining (pp.
383-392). ACM.
Kezang Wangmo Student IDS9990252 Date: 21/07/2019 Page no.