1.

Describe at least two (2) types of existing technology that can be used in knowledge and
information management.
There are several technologies that can be used in knowledge management and information
management. One of them is artificial intelligence which serves multiple purposes such as
knowledge acquisition, electronic discussion and case based reasoning. On the other hand,
databases can be utilized in information management whereby information is stored in different
categories and retrieved whenever needed. Both knowledge and information management
technologies work closely together and often affect each other. Despite the fact that knowledge
management technologies are not intrinsically very different from the technologies for
information management, they have the capability to focus solely on knowledge management
rather than processing information.an example of an artificial intelligence technology that
supports knowledge management is the decision support system.

2. Describe an emerging technology that can be used in knowledge and information management.
An emerging technology that can be used in both information and knowledge management is
artificial intelligence. This new technology aims at influencing new insights in the role of
information technology in management of knowledge. This technology aids in extraction,
personalization, capture and distribution of knowledge. It is vital that facilitation for knowledge is
affected to ensure it is transformed and utilized as information. Artificial intelligence can sift
through a lot of data and filter it to produce the desired results.

3. Explain all the following methods of analysis and their relevance to decision making.
a) Correlation calculations
Correlation calculations are used to provide a description of the linear relationship between
variables that are continuous in nature for instance weight and height. In general terms,
correlation is used when there isn’t any identified response variable. Correlation qualitatively
measures the linear relationship between variables to establish their technology based on the
number of variables. When two variables are closely related, it is possible to estimate what the
value for one of the variables is and use it to get the value of the other. Correlation therefore
enables one to make decisions based on the results of another closely related variable.

b) Short to medium-term term and long-term trend analyses

The analysis of trends in the short-term, medium term and long-term enables one to notice the
changes in price movements over some hors or even days. This analysis can be applied to make
predictions that are accurate thus enabling traders to make huge profits from the predictions. In
terms of decision making, the predictions provide information regarding the short-term,
medium-term and long-term outlook of the market hence enabling one to make an informed
decision.

c) Probability assessment
Probability assessments refers to the evaluation of likelihood of a situation becoming a more
active event based on the previous occurrences. Probability assessment enables one to assess the
possibility of a worst case and best case scenario occurring thus enabling the individual to make a
decision whether to make changes or move forwards based on the facts.

d) Regulation analyses
 Regulation analysis refers to a systematic approach that enables the critical assessment of
negative and positive and negative effects of a particular existing or proposed regulation. With
regulation analysis, one can make a decision whether to implement a certain regulation in their
business based on the effects it has on the business.

e) Dynamic programming
Dynamic programming refers to a method of tackling complex problems through breaking them
down to a series of simpler sub-problems. The sub-problems are then solved one at a time and the
solutions stored in a memory-based data structure, Method can come in very handy during
decision making when the factors to be analysed are significantly complex.

f) Linear programming
Linear programming refers to a mathematical technique that minimizes or maximizes the linear
function of various variables such as cost. The methods allow one to formulate challenges and
problems in real life to fit a mathematical model. During decision making problems can be
converted to a mathematical model and solved thus offering business owners a solution or a way
forward.

g) Queuing theory
Queuing theory is a mathematical study of lines, delays and congestion. This method examines
the component of waiting in a line for service, this includes the service process, arrival process,
number of customers and servers and number of system places. With this information one can
calculate the most efficient way of giving services.

h) Simulation
Simulation refers to a process of imitation using computer models. Simulation requires well
defined descriptions of key characteristics. Through simulation, one can find out the possible
outcomes of taking certain decisions in real life. This can be significantly handy decision making
since it guides one through the best case scenario.

i) Transportation methodology
Transportation methodology is a method of analysing and improving transport systems. This can
be done through evaluation of indicators such as frequency, accessibility and comfort. This
method is important during decision making since it helps in evaluating the best routes for
transportation.

4. Outline three (3) key features of management information systems and decision support systems
Management Information Systems:
- Management Information Systems are flexible in nature and are very helpful for data analysis and
evaluation by using a number of sources, as per the needs of the user.
- The users find this very easy to use. The MIS not only keeps the process time effective but the
reports that are generated by the systems are easily interpretable for the managers.
- The MIS are versatile in nature as they have the capacity to support a number of skills and
knowledge. Further, they are very collaborative in nature as they facilitate the communication
between the managers and employees within a company, irrespective of where they are located.

Decision Support Systems:

- A Decision Support System has a crucial role to play in order to ensure that the interaction
between the system and the operator is a natural one, due to the fact that the system is designed in
a convenient system.
- The DSS in most of the cases are designed to help individual decision makers or a group of
decision makers and thus, it can be customized as per the nature of use, which is one of the key
attributes of the system.
- DSS envelopes a database in order to make the decision-making process a more specific one.

5. Explain how risk management plans can be used in making decisions about actions to be taken
for a business.
Risk management plans are important for any organization, they significantly contribute to
decision making more so during situations when an organization is facing a certain risk. A risk
management plan identifies the potential challenges that a company can encounter and endures
that activities for handling the risk are put in place. The plan thus outlines steps that should be
taken even if a certain risk happens thus acting as a guide to business owners and managers.
Since businesses are exposed to a number of risks, the risk management process is a critical way
as to how the companies can identify, define the chances of the risks and take necessary actions in
order to mitigate them. Risk Management refers to a set of activities that are undertaken in order
to assist the managers to counter the risks by taking appropriate decisions.