10. Communicating Information to Stakeholders

Question 1

What are the attributes of good quality information?

Answer 1

-accurate
-complete
-cost effective
-understandable
-relevant
-authoritative
-timely
-easy to use

Question 2

What type of information is at the strategic/corporate level?

Answer 2

-planning future direction + setting goals
-analyse past events
-make long term decisions
-mainly rely on external information
-summarised information

Question 3

What type of information is at the managerial level?

Answer 3

-how it will achieve its goals
-relies on regular operational information
-internally generated info
-info holds details

Question 4

What type of information is at the operational level?

Answer 4

-implement strategies and tactical decisions that have been made
-rely on regular detailed information from internal sources
-relate to past events

Question 5

What is big data?

Answer 5

-a collection of data which is so large and complex, which accumulates so quickly that is is hard to store

Question 6

What are the 3 primary sources of big data?

Answer 6

1. social media
2. machine data
3. transactional data

Question 7

What are the 5 characteristics of big data?

Answer 7

1. volume
2. velocity
3. variety
4. veracity
5. value

Question 8

What are the benefits of using big data?

Answer 8

-attracting and retaining customers
-focused marketing
-gain competitive advantage
-identification of areas of potential risk
-faster innovation
-improved business procedures
-fraud detection

Question 9

What are limitations of using big data?

Answer 9

-lack of knowledge and skills - need up to date data analysts
-difficulties integrating data from different sources
-data protection
-data security

Question 10

What does big data require?

Answer 10

-significant resources
-high levels of skills and expertise

Question 11

Data analytics from external sources

Answer 11

-reduces the costs for the business
-3rd party may hot have specialist knowledge in that sector
-unable to provide in-depth understanding of the market
-data protection

Question 12

What is data visualisation?

Answer 12

images, diagrams. graphs, tables, matrices and charts
-used to present information in an accessible and usable way
-summarise large amounts of info

Question 13

What are some advantages of using tables?

Answer 13

-clear presentation
-easy to compare figures
-patterns can be identified
-can identify anomalies
-easy to prepare and understand

Question 14

What are some disadvantages of using tables?

Answer 14

-too much data
-data may get lost
-two dimensional

Question 15

What is a matrix?

Answer 15

-takes information that is shown in a table and simplifies it by using icons rather than figures

Question 16

What are the advantages of a matrix?

Answer 16

-key data stands out
-visually appealing

Question 17

What is a disadvantage of a matrix?

Answer 17

-lack of detail

Question 18

What should you consider before presenting information?

Answer 18

-who is it for
-what type of data is being presented
-how will it be presented

Question 19

What are some advantages of having a dashboard in your software?

Answer 19

-easy to understand
-can be customised to users
-can be produced in real time
-can be accessed from any device

Question 20

What does effective communication look like?

Answer 20

-clear
-concise
-unambiguous
-complete
-accurate
-timely
-appropriate
-suitable

Question 21

What are reports used for?

Answer 21

-communicate info to individuals on a specific subject eg. routine sale reports

Question 22

What structure should reports follow?

Answer 22

1. title
2. summary
3. introduction
4. findings
5. conclusions
6. recommendations
7. appendices