Analyze the Concepts of Information Management and Quantitative Analysis
XYZ Company has decided to upgrade its information management systems with the hope of increased security and improved decision-making capabilities based on quantitative data gathered within these systems. As one of the information technology managers, you have been asked to conduct research on the following in terms of this upgrade for the organization: Hardware, software, networks and telecommunications, decision support systems, and how data can be used more effectively to analyze key performance indicators and overall performance, including data collection, sampling distributions, hypothesis testing, inference, and analysis of variance as they pertain to assessing the strengths and weaknesses of the organization. Be sure to create a formal report and present it to the Chief Information Officer.
Introduction
XYZ Company has raised the question to its managers for Information Technology to research, upgrading the company software, hardware, telecommunications, networks, decision support systems and how data might be utilized efficiently in analyzing the key performance indicators and the performance of the company. It includes the collection of data, sampling distributions, inference, hypothesis testing, and evaluation of the variance as it pertains to the assessment of the strengths and weaknesses of the company as dependent on the data which has been gathered through research. This report will be focused on touching on the elements mentioned above of the process and giving the XYZ Company the facts required for upgrading the management systems and improving the quantitative analysis of the company.
Hardware
The company hardware includes laptops, workstations, desktop computers, external hard drives, wireless routers, and fax machines. The head office of the company has the acceptable hardware for the conducting of the business. However, it is required that the company upgrades the hardware to make improvements and ensure the smooth running of the business and that it remains up to date regarding the latest technology. The workstations are working smoothly now. However, the company can do better by improving its efficiency and making sure that the processing of data doesn’t take much time. Communication between the offices should also happen smoothly and in an accurate manner as well. All the laptops should be replaced, and tablets or Chrome books can be provided (Raman, 2018).
Software
The XYZ Company has been using software which entails the programs and applications that are used for the running of the business. It is better to install innovative programs which can improve the productivity and efficiency of the company by producing more accurate and precise results. Each manager of the departments can research on the available alternatives regarding the individual offices and perform their relevant data collection to determine which program would be more suitable for them and enhance their productivity and improve the efficiency of their company (Krivtsov, Polinova, Ivankina, Chubarkova, & Prokubovskaya, 2016).
Networks and Telecommunications
Telecommunication and networks are how a company shares and distributes information to its departments presiding over a distance. These can be customers, partners, employees or consultants through telephone or internet. The network of the XYZ Company can handle the telecommunication requirements of the company. However, the company can expand and continue to grow and improve its systems. It is thus recommended that XYZ should evaluate the available alternative to maximize its benefits. XYZ Company can work on investing the web-conferencing programs, software-sharing programs, etc. to reduce the costs of traveling and these programs would need faster speed internet to work effectively (Wooldridge, 2013).
Decision Support Systems
Decision Support Systems are used for the analyzing of business data and are needed to report in a way which is suitable for the organization in making important business decisions (Sharda, Barr, & McDonnell, 1988). Having an effective decision support system and maintain into it would need comparison with sales figures, outcomes of decision options, projected statistics for sales, profits as per the historical data on logistics, replenishing and planning of the inventory. Thus, the implementation of a decision support system will be advantageous for the organization.
Performance
The process of Data mining is dedicated to gathering and systemizing large amounts of information and analyzing the data to identify trends for establishing relations and solving problems (Peral, Maté, & Marco, 2017). The process of data mining is also used for forecasting trends in performance.
Data Collection
It is the process of collecting information, evidence, facts, and data on distinct sources. Data collection helps in aiding the companies in making informed decisions. The company collects data to make a decision on the appropriate information systems that are needed. Experimentation, surveys and direct observation are the three methods which are used for the collection of data (Wooldridge, 2013).
Sampling Distributions
Sampling distributions refer to the probability of achieving every conceivable value of the statistics of the random population sample. Matching samples of identical size are identified, and the statistic of interest is determined and used for factual techniques to improve more, or else the company can rely on the expected value, laws of probability, and variance (Wooldridge, 2013).
Hypothesis Testing and Inference
It is the process used for identifying the particular statistical fact which occurs in favor or against a particular hypothesis (Shaffer, 1995). The null hypothesis shows that the set parameters are by the value specifies the alternative hypothesis. XYZ can make deductions or assumptions based on the hypothesis. Testing the hypothesis can be non-reliable for XYZ Company if the results do not yield an accurate solution. Parameters can be identified by using the sampling method on the data collected by employees. The inferences will aid in collecting and result of the data and used hypothesis.
Variance Analysis
It is the process which is used for calculating the differentiation between actual levels of performance and budgeted levels of performance. XYZ Company can gather all the data from the personnel and use variance analysis to determine if the productivity has been inconsistent regarding the new software installed or the new hardware used by the staff (Peral, Maté, & Marco, 2017).
Conclusion
The importance of the software, hardware, telecommunications and networking, decision support systems, data collection, inference, and analysis of performance sampling distributions, and variance analysis and hypothesis testing is discussed in the paper. XYZ Company needs to rethink its installed hardware. It should improve its software capabilities. For this purpose, hypothesis testing, and variance analysis can be used.
References
Krivtsov, A. I., Polinova, L. V., Ivankina, M. S., Chubarkova, E. V., & Prokubovskaya, A. O. (2016). Corporate Information Management System and Its Influence on Increase of Changes Productivity. International Journal of Environmental & Science Education, 11(15), 7627-7636.
Peral, J., Maté, A., & Marco, M. (2017). Application of Data Mining techniques to identify Relevant Key Peformance Indicators. Computer Standards & Interfaces, 50(2017), 55-64.
Raman, R. V. (2018). Introduction to Information Technology (1 ed.). PHI Learning Pvt. Ltd.
Shaffer, J. P. (1995). Multiple Hypothesis Testing. Annual Review of Psychology, 46(1), 561-584.
Sharda, R., Barr, S. H., & McDonnell, J. C. (1988). Decision Support System Effectiveness: A Review and an Empirical Test. Management Science, 34(2), 139-159.
Wooldridge, S. (2013). Data Processing: Made Simple (2 ed.). Elsevier.
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