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My Introspective

by Laurus Nobilis
My BrainCast

Human Resources

Basic Skills: Analysis and Information Gathering (E)

 

Analysis and Information Gathering

 


What is the role of analysis and information gathering in business? What are the tips for development of analysis and information gathering?

 

Posted: Jun 2009


 

 

Analysis and Information Gathering is the skill that is part of Ability to analyze group of basic skills.

Analytics is important for various range of positions, from logistic planner, to general manager.


Definition

Analyses and interprets verbal and numerical business information, in order to form conclusions and make recommendations.


Key
Behavioral Indicators

  • Balances the need to obtain more, better or new information, but knows when to stop; does not overanalyze.

  • Seeks information from different sources and perspectives through multiple collection methods.

  • Recognizes trends or associations of data and acts on them.

  • Relates information from different sources to draw logical conclusions

  • Identifies possible cause-effect information.

  • Uses judgment and common sense in getting down to the root cause when appropriate.

  • Reviews information/data to stay informed of new developments and strategies.


Tips for Development

  • Gather information from a wide variety of sources when making important decisions.  Thoroughly examine, weigh and use all relevant information.  Do not over analyze or burden the decision with irrelevant information.

  • Double check data and assumptions related to important decisions.

  • Talk with others in the organization to find out how they approached difficult decisions.

  • Be open to changing your decision if new information becomes available or if the situation changes.

    Analysis and Information Gathering is the skill that is part of Ability to analyze group of basic skills.

     

    Analytics is important for various range of positions, from logistic planner, to general manager.



  • When you need to take quick action:
    1.) Quickly gather the information from a few reliable sources
    2.) Break the issue into parts.  Act immediately on the urgent part and where appropriate buy time to act on the remaining parts
    3.) Test the water before acting with a few key stakeholders
    4.) Minimize risk by choosing alternatives that can be revisited when more information is available.
    5.) If you must act now, do it even if information is incomplete or if risks are involved, but don’t always assume that others’ “crises” are urgent.

  •  Identify potential problems – what could go wrong to interfere with the intended results of your. decision/action, by analyzing the overall action plan and critical steps within the action plan.

  • Analyze problems and opportunities from a broad organizational perspective rather than focusing solely on your area of responsibility. Help others think “big picture” and realize that actions they take in one part of the organization impact other parts of the organization and the organization as a whole.

  •  Include people with different ways of thinking in your meetings and on teams.

  • Analyze all information and use it to make the final decision. Ensure you balance every constituents needs and support with doing what is inevitably correct for the business (i.e., don’t just take the easy way out).

  • Identify the risks of each alternative before choosing an alternative. What are the potential downsides of each alternative? What could go wrong – short-term and long-term? What are your contingencies if downsides occur? Choose the alternative that offers the most benefits with acceptable risks.

 

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