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Posted: March 20th, 2023
BSBINS601: Manage Knowledge and Information
Assignment Task
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Introduction
The assessment tasks for BSBINS601 Manage knowledge and information are outlined in the assessment plan below. These tasks have been designed to help you demonstrate the skills and knowledge that you have learnt during your course.
I need help writing my essay - research paper ensure that you read the instructions provided with these tasks carefully. You should also follow the advice provided in the Business Works Student User Guide. The Student User Guide provides important information for you relating to completing assessment successfully.
Assessment for this unit
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BSBINS601 Manage knowledge and information describes the skills and knowledge required to develop and maintain information and data systems to support decision making, and to optimise the use of knowledge and learning throughout the organisation.
For you to be assessed as competent, you must successfully complete two assessment tasks:
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Assessment Task 1: Knowledge questions – You must answer all questions correctly.
Assessment Task 2: Project – You must work through a range of activities and complete a project portfolio.
Assessment Task 1: Knowledge questions
Questions
Provide answers to all of the questions below:
Describe at least two types of existing technology that can be used in knowledge and information management.
Describe an emerging technology that can be used in knowledge and information management.
Explain all of the following methods of analysis and their relevance to decision making.
correlation calculations
short to medium-term term and long-term trend analyses
probability assessment
regulation analyses
dynamic programming
linear programming
queuing theory
simulation
Outline three key features of management information systems and decision support systems.
Explain how risk management plans can be used in making decisions about actions to be taken for a business.
This BSBINS601-Management Assignment
Answers:
Two types of existing technology that can be used in knowledge and information management are:
a. Document management software: Document management software is a technology that helps organizations to store, manage and track electronic documents. This software enables the creation of electronic document libraries that can be searched, retrieved and shared by authorized personnel. It allows organizations to manage their documents efficiently and ensures that the right people have access to the right documents at the right time.
b. Business Intelligence (BI) tools: BI tools are a set of technologies that help organizations to analyze and interpret data. These tools collect data from different sources, transform it into meaningful information and present it in a way that can be easily understood by decision-makers. BI tools enable organizations to identify trends, patterns and relationships in their data, which can be used to make informed decisions.
An emerging technology that can be used in knowledge and information management is Artificial Intelligence (AI). AI is a branch of computer science that aims to create intelligent machines that can perform tasks that typically require human intelligence. AI has the potential to revolutionize knowledge and information management by automating tasks such as data analysis, natural language processing, and decision-making. AI can help organizations to process and analyze large volumes of data quickly and accurately, enabling them to make informed decisions based on real-time insights.
Methods of analysis and their relevance to decision making:
a. Correlation calculations: Correlation calculations measure the relationship between two variables. They are used to identify patterns and relationships between variables, which can be useful in decision-making.
b. Short to medium-term term and long-term trend analyses: Trend analyses are used to identify patterns and trends over time. Short to medium-term trend analyses can help organizations to identify trends and patterns that may impact their operations in the short to medium-term. Long-term trend analyses can help organizations to identify trends and patterns that may impact their operations over a longer period.
c. Probability assessment: Probability assessment involves the calculation of the likelihood of an event occurring. This can be useful in decision-making when there is uncertainty about the outcome of a particular decision.
d. Regulation analyses: Regulation analyses involve the analysis of regulatory requirements and their impact on organizational operations. This can be useful in decision-making when organizations need to comply with regulatory requirements.
e. Dynamic programming: Dynamic programming is a method used to solve complex problems by breaking them down into smaller sub-problems. It can be useful in decision-making when there are multiple variables that need to be considered.
f. Linear programming: Linear programming is a mathematical method used to optimize resources. It can be useful in decision-making when there are limited resources available, and organizations need to make decisions about how to allocate those resources.
g. Queuing theory: Queuing theory is a mathematical method used to analyze waiting lines. It can be useful in decision-making when organizations need to make decisions about how to manage waiting times.
h. Simulation: Simulation involves the creation of a model of a system or process, which can be used to predict the outcome of different scenarios. It can be useful in decision-making when organizations need to make decisions about complex systems or processes.
Three key features of management information systems (MIS) and decision support systems (DSS) are:
a. Data management: MIS and DSS systems are designed to manage large volumes of data. They enable organizations to collect, store, process and analyze data from different sources, which can be used to inform decision-making.
b. Information presentation: MIS and DSS systems present information in a way that is easy to understand. They use graphs, charts and other visual aids to present information in a format that is accessible to decision-makers.
c. Decision-making support: MIS and DSS systems provide decision-making support by providing real-time information and analysis.
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