Managing information

Introduction Summary 1. Problems 2. Solutions 3. Identification(1) 3. Identification(2) 4. Practice(1) 4. Practice(2) 5. Example 6. Action 7. More examples Download book Exit

6. Personal action

The example in chapter 5 gives an idea as to how we can apply the principles in this document. What personal action can we take?


  1. A flowchart of the process to use is summarised on the right.
  2. There is a form below to record the results of the process.
  3. When asking for information:

Make sure that the information to be provided will be sufficient to make the decision – no more, no less.

Tell the provider what decision you wish to make or, if it’s confidential, be clear in your own mind what it is.

  1. When asked to provide information:

Ask what decision is to be made, based on the information requested (assuming such a question won’t result in termination of employment).

Confirm that the information you will provide is exactly what is required.

OBJECTIVE: Increase sales of ice creams by 6%































Timing:

Advertising information: provide sufficient time to prepare and launch campaign.

New product: provide sufficient time to research and launch new product.


Accuracy:

Use @RISK calculations to determine the sensitivity of the cost justification calculations.


For more examples click here.




What are your objectives?

How accurate does it need to be?

When is the information required?

What information is required to make these decisions?

What decisions have to be made to reduce these risks to an acceptable level?

What are the risks likely to hinder these objectives?

RISKS HINDERING THE OBJECTIVE

DECISIONS REQUIRED TO MANAGE RISKS

INFORMATION REQUIRED TO MAKE DECISIONS

Bad weather

Advertise our products, especially for eating at home.

Forecast sales figures

Planned advertising campaigns

Competitors’ advertising campaigns

Advertising rates

Sales figures achieved from previous advertising campaigns

Calculation to show whether increased profits as a result of increased sales justify the advertising costs.

New competitor products launched

Launch our own new products

Market research to determine gaps in the market

Planned new products in development

Calculation to show whether increased profits from the new products justify the costs of the development, launch and any affect on profit of existing products.