MANAGING ORGANISATIONAL INFORMATION

Managing Organisational Information



Managing Organisational Information

Introduction

With the turn of the 21st century, organizational information has acquired a central position and significance to organizations; irrespective of their industry and area of operation. With respect to organizational information, financial information is particularly important and the range, type, and cost of products offered to customers are critically dependent on the way information technology and the associated information systems developed and implemented.

This paper will examine the nature and users of the financial information, economic information and the importance of the information system for an event management company, Qatar MICE Development Institute (QMDI). Moreover, the paper will further investigate the process of planning and managing financial information. For e.g. does the company employs a democratic or autocratic decision process and the inclusion of management theories. The paper will also briefly examine the key aspects of managing financial information, such as Budget, Project Planning, and Ratio and/or Performance Indicators and most importantly involving and ensuring the participation of employees.

Section 1: Role and Importance of Economic Information

The most important component of management information is the economic information, which is a collection of various economic data, which can capture, transmit, process, store and use in planning, accounting, control, analysis at all levels of management. Economic data reflects the processes of production, distribution, exchange and consumption of goods and services. Economic data includes information about the labour, material and financial resources and the state of facilities management for a specified time (Levine, 1995, p. 204).

Economic data is characterized by high volume, repetitive use, updating and transformation, a variety of sources and consumers, a large number of logical operations and specific mathematical calculations to produce many kinds of Scoring information. These properties determine the need for scientific-technical and economic feasibility of the use of computer technology and, above all, computers in its collection, accumulation, transfer and processing, which in turn requires the ability to determine the structure and amount of processed information. Efficiency and quality control contributes to the creation of automated information systems. The present level of the information of society determines the use of new technology, technology, software information systems in various economic projects.

Planning procurements involves build versus buy decisions. This process identifies which project needs can best be met by purchasing or acquiring products, services or results outside the project organization. The process involves deciding whether, how, what, how much and when to acquire. Tools and techniques available to help project managers and their teams are make-or-buy analysis, expert judgement and contract types. Outputs of planning procurements are procurement management plan, statement of work (SOW), make-or-buy decisions, procurement documents, source selection criteria and requested changes.

Expert judgement the criteria used to evaluate offers or proposals made by sellers. Experts within and outside an organization can help with the planning of these purchases and acquisitions. Contract types where different types of contracts are required for different type of purchases. Fixed-price or lump-sum contracts where the total price are fixed for a well-defined product or service. Very little risk is involved in this ...