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BSBINM601: Manage knowledge and information – Management Assessment Answer

Management
BSBINM601: Manage knowledge and information – Management Assessment Answer

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Managing knowledge is the procedure of probing, obtaining, recording, and distributing knowledge between the company’s employees. Managing information is the procedure of stocking, retrieving, and examining gen with the help of ICT technology (hardware and software).

If we talk about BSBINM601 in particular, students fall prey to topics like negative risk management, negative risk management strategies, methods to employ for identifying business issues, Management Information Systems and Decision Support Systems, Key features of Management Information Systems and Decision Support Systems, and so on. In this blog, I will be discussing all these important topics of BSBINM601: Manage knowledge and information – Management Assessment Sample so that you pen down that perfect answer to the assessment that’s worth reading at the same time. Without further ado, let’s start reading!

What methods can be used to identify business issues?

Below are some of the steps mentioned that will help you in identifying the issues pertaining to the business. Here you go:

  • Demeanour a study in the marketplace 
  • Classify the market
  • Critically scrutinise the market prospective
  • Compare the company’s market share with the competitor’s market share 
  • Examine the market probable to guesstimate the potential profit of the product

It becomes easy for a company to know about the customer’s perceptions about the product and services of the company if a market examination or a survey is conducted. This, in the end, helps in making effective strategies that would help in kicking away the business-related problems. After making an operative breakdown, it becomes quite easy to examine an individual’s performance by amassing their qualitative and quantitative data.

Negative Risk Management Strategy

When you attempt BSBINM601: Manage knowledge and information – Management Assessment, you will be asked about the negative risk management strategies. Below are the four major steps on which the negative risk management strategy is based on:

  • The first and foremost step is to know the possible risk and get to know how much the risk is harmful. This is the step that helps specify the prevalent risk.
  • The second step under a risk management strategy is to examine the probability and effects of the project. In a sense, in this step, it is to be evaluated as to how the risk will impact the project. 
  • The third step is to make sure that a practical and effective risk relayed response is made. 
  • Last but not least, in the fourth step, the decision-making is to take place as in avoidance, transferring, mitigation, and acceptance. In this step, it is to be decided how the risk can be treated and how different techniques can be used to handle the risk. 

Key Features of Management Information Systems and Decision Support Systems

High level of interactivity, database, UI is also known as user-interface, and the software system is the key feature of a decision support system. Some of the features are mentioned below:

  • Management Information Systems help in organising the information in a decision making procedure. This is very effective in terms of making any decision for the company and can also prove to be useful when it comes to obtaining results.
  • Decision making support systems is particularly designed to support the decision. This helps in giving clarity as to how a decision made is helpful in the long run. 
  • It is a mathematical model based on managerial knowledge. The mathematical model helps get an accurate result, which makes the support system more accurate.

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