Reference no: EM133168510

BSBINS601 Manage knowledge and information

This unit 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.

The unit applies to individuals who are responsible for ensuring that critical business information is readily available to review the organisation's performance and to ensure its effective functioning. It applies to a wide range of information assets such as business performance data, customer feedback, statistical data and financial data.

Performance Evidence
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
• manage knowledge and information for an organisation or work area.
In the course of the above, the candidate must:
• source and analyse information for business decisions including:
• identifying business problems and issues and related knowledge and data requirements
• confirming the clear and relevant objectives for analysis of information
• applying statistical analysis, sensitivity analysis and other techniques to draw conclusions relevant to decisions
• ensuring sufficient valid and reliable information or evidence is available to support decisions
• identifying and accessing sources of reliable information
• using applicable technology
• carrying out consultation with stakeholders and specialists
• contribute information and the outcomes of analysis to decision making
• distribute information to relevant stakeholders
• design, test and adjust information systems to meet needs and objectives.
Knowledge Evidence
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
• existing and emerging technologies and how they can be used in knowledge and information management
• statistical analysis and other quantitative methods commonly used in decision making, including:
• correlation calculations
• short, medium-term and long-term trend analyses
• probability assessment
• dynamic programming
• linear programming
• queuing theory
• simulation
• key features of management information systems and decision support systems
• risk management plans and procedures for using to determine acceptable courses of action.

Assessment Questions

Question 1
Complete the table below.
Describe the listed existing and emerging technologies and explain how they can be used in knowledge and information management.

Question 2
Complete the table below.
Briefly explain how each of the following quantitative methods are used to assist in making informed decisions.

Quantitative Method
a. Statistical analysis
b. Correlation calculations
c. Short-term, medium-term and long-term trend analyses
d. Probability assessment
e. Dynamic programming
f. Linear programming
g. Queuing theory
h. Simulation

Question 3

Describe the two key features of management information systems and decision support systems, listed in the table below.

Feature of Management Information System (MIS)
a. Usability
b. Interoperability
Feature of Decision Support System (DSS)
a. Ease of use
b. High performance