Manage Knowledge and Information

Table of Contents
Assessment 1 .............................................................................................................................. 4

Question 1 .............................................................................................................................. 4

Question 2 .............................................................................................................................. 4

Question 3 .............................................................................................................................. 4

Question 4 .............................................................................................................................. 6

Question 5 .............................................................................................................................. 7

Assessment 2 (2065) .................................................................................................................. 7

Introduction ............................................................................................................................ 7

Business Performance ............................................................................................................ 7

Financial Forecast .................................................................................................................. 8

Forecast for 2019 ................................................................................................................... 8

Forecast for 2020 ................................................................................................................... 8

Staff Feedback ....................................................................................................................... 8

Customer Feedback ................................................................................................................ 9

Business Problems and Issues ................................................................................................ 9

VET Information .................................................................................................................. 10

Trends Analysis ................................................................................................................... 10

Decision Process .................................................................................................................. 10

Compliance .......................................................................................................................... 11

Data Storage and Access Options ........................................................................................ 11

Sensitivity Analysis ............................................................................................................. 11

 Validity and Reliability of source data ................................................................................ 11

Risk Management ................................................................................................................ 12

Reference List .......................................................................................................................... 13

Assessment 1
Question 1

The existing technologies that can be used in to manage the knowledge and information are:

 Content Repositories: Content Repository Tools refer to those tools that help the users

to share and manage the content knowledge. This has been extensively used due to the

capacity of the tools to manage diversified contents.

 Social Software: Social Software Tools refer to those which helps the users in

facilitating the knowledge socializations. A number of tools such as customer

relationship management (CRM) and Enterprise Resource Planning (ERP) have been

integrated with social features (K.C. Laudon and J.P. Laudon, 2015).

Question 2

Algorithms for quantum computers is an emerging technology that will be helpful in assisting

the managers as they have the capability to solve various problems more effectively and

efficiently when compared to a conventional computer. These devices will be helpful for the

companies to simulate the nature of the businesses and will also play a crucial role in designing

the products and the operational structures for them.

Question 3

a. Correlation Calculations: The values that are derived from the correlations indicate the

relation between two variables and thus, the companies based their decisions by

checking the dependency of a factor on another and thus take decisions relating to

product or pricing (Anderson, et al., 2015).

b. Short to medium term and long-term analysis: This analysis is performed to have an

idea about the short, medium and long-term position of an organization based on the

past performances. This leads to have an idea about the improvements that the company

can make and thus the decisions are based on the improvements that are identified.
c. Probability Assessment: Since businesses are exposed to a number of risks, there are

higher chances that the decision makers have to face lack of information. Probability

tends to highlight the risks in a quantified manner so that the decisions are effective in

nature.

d. Regulation Analysis: A business is exposed to a number of external factors including

the legal aspects of an economy in which it operates. Thus, it is essential for the

companies to have an idea of the laws that prevail in the country and thus the decisions

can be taken based on the findings of the analysis.

e. Dynamic Programming: Dynamic Programming is a optimization method that uses

each and every problem as a decision making stage and thus, helps the decision makers

by not only identifying the problems but also suggesting optimal solutions.

f. Linear Programming: Linear Programming refers to a technique that is used for solving

complex problems. It helps in managing the organization in a simple as well as a

productive way so that the decisions that are taken are efficient and helpful in

combatting the problems (Keller, 2015).

g. Queueing Theory: It is a theory that examines each and every component who are

waiting in a line and are to be served. The components include number of servers,

number of people who are to be served, process of arrival and process of service. This

proves to be very helpful in the healthcare organizations where the decisions are related

to a short term-planning for the resources and facilities so that the excess capacity can

be utilised in accommodation.

h. Simulation: A simulation refers to a model or an imitation that is concerned with

imitating a system or world process. It is majorly concerned with imitating a real-life

situation. This is widely used before making decisions of expansion on any other
 decisions that involves higher cost and is irreversible in nature so that the decision

makers can identify the ways of solving a particular problem if any similar issue arises.

i. Transportation Methodology: The transportation methodology is a type of linear

programming method that is used to identify the most efficient route of transportation.

This is majorly used by the companies that are concerned with shipments, logistics and

distribution. Since the products have to be picked up from a number of points and have

to be delivered to a number of delivery points, this helps the decision makers to identify

the route in terms of cost effectiveness.

Question 4

The features of Management Information Systems are:

 The basic feature of an MIS is that the information is collected in various formats.

Further, the information is centralized in such a way that the all the concerned users

have an access to it and thus, the relevant information can be collected and used as and

when required.

 MIS that the companies use are very economical due to the fact that they only record

necessary information and thus, not only the efforts pertaining to data extraction, but

the costs are also reduced (K.C. Laudon and J.P. Laudon, 2016).

 The most important feature of the MIS is that it stores variety of information that is not

only concerned with the internal aspects of the organization, but also the information

that is related to external factors. Thus, it makes the system of MIS a future oriented

and flexible in nature.

The features of Decision Support Systems are:

  The Decision Support System have been specifically designed to ensure that there is a

higher level of interactivity between the users and the operations that are performed by

the systems (K.C. Laudon and J.P. Laudon, 2016).

 Secondly, these systems are very helpful for the decision makers in organizations.

 Lastly, these systems are very adaptable, flexible and easy to use.

Question 5

Risk Management is a process that is concerned with the identification of risks and undertaking

the actions in such a way that the risks are managed. The process is majorly concerned with

prioritizing the risks once they are identified and thus to take appropriate measures as per the

impact of risks. The managers have a significant amount of dependency on the risk

management process so that the risks are mitigated (Hopkin, 2018).

Assessment 2
Introduction

The business plan is a supporting tool that will help to assess the expansion plan of King

Edward VII College. The major objectives of the report are to analyse the business

performance, to forecast the financial income statement for two fiscal years ending 2019 and

2020. The internal aspects of the institution have been analysed by reviewing the survey reports

of the staff of the institution and the offerings of the college has been analysed by reviewing

the student survey report.

Business Performance

The business performance of the institution can be believed to be a mixed one. Despite of the

increase in the revenues of the college, the company was not able to maintain the profitability

due to the increase in the cost of sales, which was majorly due to the increase in the staffing
costs such as salaries of the teachers and the administrative staff as well the contribution to be

made in the superannuation funds.

Financial Forecast

Apart from the assumptions that have been mentioned in the exception reports regarding the

costs that the company will incur, the following are other assumptions that have been made:

 Increase of Sales by 12% and 15% in the fiscal years 2019 and 2020 respectively.

 It is expected that the expansion in the year 2020 will lead to have an increase in the

expenses by 50% apart from the assumed increase in the costs.

Forecast for 2019

Net Sales: $47,23,200

Total Expenses: $28,38,740

Profit: $18,84,460

Forecast for 2020

Net Sales: $74,83,680

Total Expenses: $44,59,784

Profit: $30,23,896

Staff Feedback

The major findings of the staff survey can be segregated in the positives in the positive as well

as the negative aspects.

Positives:

 Ideologies of the staff are aligned with the vision of the institution.

 Interesting and Innovative work.

  Good colleagues to work with.

Negatives:

 Lack of training, communication and proper performance review system.

 Disorganised processes, inconsistent managerial decisions, job is stressful at times and

undefined job roles.

 Lack of clear objectives and no participation of the staff in decision making.

 Job role does not utilize the potential and the nature of work is not challenging.

Customer Feedback

The major findings of the student survey are as follows:

Positives:

 Excellent coursework and modern work stations, keeping the students connected to the

institution.

 Facilities at par with the fees structure.

 Centrally located campus and helpful administrative staff.

 Knowledgeable and helpful teachers.

Negatives:

 Lack of teaching staff.

 The teachers do not interact after class even if they are badly needed.

Business Problems and Issues

As per the SWOT analysis as well as the review of the students and teachers, the following are

some of the issues that can possess a challenge or a threat in the expansion:

 Lack of diversified courses, only business and management programs degrees are

provided.
  No diversity in workforce.

 Competition in the industry who have been inclined towards providing lower prices.

 Uncertainties due to the changing perceptions of the clients.

 Unorganized and incompetent management.

VET Information

The communication network can either be formal or informal depending on the parties among

whom the communication will take place:

Formal, generally in a top down approach:

 E mails or Circulars.

 Teleconferencing or Live Meetings.

Formal, generally among the people of the same level:

 Gossips and Chats.

 Social Media or other chat applications such as skype or hangouts.

Trends Analysis

It can be seen that the costs are increasing and is further expected to increase by 10% every

year. This will have a positive impact on the profitability of the companies, and the

accomplishment of the goals and objectives might get unhindered.

Decision Process

Since expansion or investment is decision that is very tough to revert, the following are some

of the steps that might be undertaken:

 Be aware of the internal resources and establish a value proposition.

 Feasibility study and analysis of the potential market.

 Choice of target segment.

  Identification of the Key Indicators.

 Communicate the idea to the potential investors.

 Budgets and Projections along with sensitivity analysis.

Compliance

The expansion has to be undertaken keeping in mind the values of the organization:

 Development of the resources (tangible and human).

 Be ethical and accountable to the concerned parties.

 Ensuring collaborative and a diversified culture among workforce.

 Lastly, to become a leader in the industry and be profitable in nature.

Data Storage and Access Options

The most common ways to store and access data are:

 Cloud Data Storage: The most common tools are Google Drive and One Drive.

 Reference Data Management: This is useful to manage large databases in organizations.

Sensitivity Analysis

Though the data that is stored in the above-mentioned options tend to be very secure, there are

higher chances that the access might be lost due to the issues in server and connectivity. An in-

house data base management system having an offline is the most optimal option.

Validity and Reliability of source data

The data that has been used for the analysis and the forecasting are authentic as it has been

procured from the reports of the organization. On the other hand, the projections have been

made keeping in mind the exceptions that were found with the annual reports and other

assumptions have been elucidated.

Risk Management

In case of expansion, the following are some of the risks that might affect the organization:

 Financial Risks that might arise due to the shortage of funds and can hinder the

operations

 Operational Risks that might arise due to shortage of resources.

 Compliance Risk due to the legal aspects in a particular market.

 Market Risks due to the intense competition as well as the changing perceptions of the

buyers.

 Product Risks or Service which might occur if the services do not create a value for the

consumers.

Mitigating Activities:

 Ensure that the plans adhere to the compliance matters.

 Effective Market Analysis.

 Maintaining the quality of the offerings or the services.

Reference List
Anderson, D.R., Sweeney, D.J., Williams, T.A., Camm, J.D. and Cochran, J.J., 2015. An

introduction to management science: quantitative approaches to decision making. Boston:

Cengage learning

Hopkin, P., 2018. Fundamentals of risk management: understanding, evaluating and

implementing effective risk management. London: Kogan Page Publishers.

Keller, G., 2015. Statistics for Management and Economics, Abbreviated. Cengage Learning.

Laudon, K.C. and Laudon, J.P., 2015. Management Information Systems: Managing the

Digital Firm Plus MyMISLab with Pearson eText--Access Card Package. New Jersey: Prentice

Hall Press.