4.3 Flashcards
sources of information to inform prioritisation
Internal Sources
External Sources
Data Sources
What is internal sources
Information within the business
examples of internal sources
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
What is external sources
Sources from outside the business
Examples of External Sources
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
examples of Data Sources
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