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CMI 521 Assignment Task 1: Understand the use of data and information in decision making

1.1 Analyse the use of data and information in decision-making

 The presence of data and information provides an essential impetus toward good decision-making by providing business insight into their environment – that is to say, markets, consumers, and competitors. On the flip side, data and information have the capacity to swing biased and misleading decisions or provide erroneous data points out of context to create misleading impressions and outcomes. Thus, data and information need to be critically analyzed with great consideration of the source. With very careful consideration, data and information can be used to make sound decisions that could lead to positive outcomes.

1.2 Examine types of data and information used in decision-making

Data and information represent an essential tool in the decision-making process. Several types of data and information may be used, and the best decision-makers can consider all possibilities and act according to information.

• Market research is one other form of data that might be used in decision-making. This can include taking data about customer preferences or trends and analyzing sales to see which products are flying off the shelves and which ones are not.
• Another common use of data is financial. It might encompass balance sheets, income statements, and cash flow statements. Such data will be quite valuable in making decisions as regards resource allocation as well as in determining appropriate product pricing.
• Apart from market research and financial data, the decision-making authorities have to be concerned with other environmental factors that would affect the decision. These might include things such as patterns of weather, political instability, or even natural disasters. All of these can have a role in informing decision-making to yield better outcomes likely to ensure success.

1.3 Analyse the impact of organisational and legal frameworks on the use of data and information in decision-making

Effect of Organisational Framework:

An organizational framework can have significant implications for a business organization and how the decisions will be taken. For example, the regulations to which one business has to adhere could limit a business choice for an organisation that doesn’t.

Furthermore, shareholders’ wishes need to be considered by the decisions to be made at a public-owned company, not at privately owned companies.

The organisational framework can lead to many effects on making business decisions based on the structure to improve alignment with the direction and targets.

Legal Framework Impact

The legal framework under which the business operates can also have an impact on the decision-making process. For instance, businesses that operate in various countries may have to be aware of different laws and regulations in each jurisdiction.

Businesses may also be subject to specific laws and regulations depending on their industry.

The legal framework can help businesses make informed decisions that are compliant with the law and avoid potential penalties.

1.4 Discuss the impact of stakeholder needs on the collection, analysis and interpretation of data and information for decision-making

Those stakeholders are persons or entities that have an interest in the result of a business decision. Stakeholder needs could influence the kind of information to collect, analyze, and interpret in making a business decision.

If an organization were considering entering a new market, it would need to obtain information on that market regarding the likely customer base, competition, and regulatory environment.

This information would then have to be interpreted so that the decision whether to enter or not is based on knowledge. If the business enters, it also needs to interpret this information to produce a strategy for successful marketing. In other words, the requirements of stakeholders are crucial to determining the final decision.

CMI 521 Assignment Task 2: Be able to interpret data and information to support decision-making

2.1 Discuss criteria used for the selection of data and information

Various criteria are involved while selecting the data and information about making choices.

Some criteria include ;

• Relevance: The choice of data and information will have to be relevant to making the choices.
• Accuracy:  The right choice of information and the accuracy of this information not to make uninformed judgments
• Timely: the choice of the data and information as recent should enable a person to make effective choices using current information availed.
• Completeness: The data and information must be complete so that decision-making will not be based on incomplete or inconclusive information.
• Sources: The data and information should come from credible sources to have a higher probability of credibility.

These are some of the criteria that may be considered when making selections of data and information in the decision-making process. Relevant criteria have to be considered in order to meet the most significant consideration of decision-making. 

CMI 521 Assignment Task 3: Know how to present data and information used for decision-making

3.1 Evaluate methods of presenting data and information used for decision-making

There are several ways through which data and information can be presented.

Some of them include:

• Charts and graphs: Charts and graphs are a popular method of presenting data and information. They are visually appealing and can be used to represent data in a way that is easy to understand.
• Tables: Tables are another common way of displaying data and information. They can be used to structure data in a manner that is easy to understand.
• Text: Text can be used to display data and information more directly.

The particular method that will be used to display data and information will depend on the type of data and information that is to be displayed and the decision that needs to be made.