The role of information management in decision making and business success

Radović-Marković, Mirjana and Vučeković, Miloš (2015) The role of information management in decision making and business success. In: Challenges to promoting entrepreneurship, leadership and competitiveness / International conference employment, education and enterpreneurship. Faculty of business economics and entrepreneurship; Bar code graphics, Belgrade; Chicago, pp. 175-187. ISBN 978-86-6069-116-5 (FBEE); 978-1-4951-7656-2(BCG)

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Abstract

The purpose of nearly every business organization is to be profitable, to grow and survive. To do this or to fulfil any defined purpose involves making effective decisions – decisions that anticipate problems (and opportunities). After making the decisions, it is necessary to monitor them and control their implementation. Finally, the business must also operate routinely on a day-to-day basis. These tasks - decision-making, control and operation- are only made possible through a proper information management. It is the purpose of the information management to supply these information. The aim of this paper is to identify the interaction between management information systems and the quantitative decision making aids available for the use of the modern managers and administrators in organizations. In line with this, the authors concluded that management information will conceivably help improve decision-making and, as a consequence, financial performance and success of contemporary organization. Likewise, firms that rate their management is highly will conceivably adopt New Management Tools to a greater extent, with the objective of improving their business performance.

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