4.3 Flashcards

1
Q

sources of information to inform prioritisation

A

Internal Sources
External Sources
Data Sources

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2
Q

What is internal sources

A

Information within the business

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3
Q

examples of internal sources

A

Business objectives- These inform the targets and can be used to help you decide which tasks are most important and need to be done to reach the businesses goals for example if the business goal is to make profit then tasks that work in relation to increasing profit would be given main priority

Stakeholders resources and budget- These could include funding, number of employees, skills etc are there enough resources to complete the task, if resources are unavailable the task will be lower priority

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4
Q

What is external sources

A

Sources from outside the business

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5
Q

Examples of External Sources

A

Changes in the economy- for example interest rates, exchange rates etc for example if interest rates were increasing a task priority may be given to activities that reduce the amount of borrowing

External stakeholder requirements- customer demands and feedback it may be given high priority if the particular stakeholders is quite important for example removing products from shelves that have been found to be tampered with

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6
Q

examples of Data Sources

A

Numerical- Financial data such as costing information, sales trends
Graphical- Market research
Tabular- Data presented in tables or spread sheets

For example if surveys from sales trends indicate that consumers are buying less of a particular product then businesses should priortise a task of producing an alternative product

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