4.3 How To Use Information To Inform Prioritsation

Question 1

Internal business objectives

Answer 1

The objectives of a business will affect what they prioritise.

Question 2

Stakeholders resources and budgets

Answer 2

Complex tasks require more time and resources. If resources are scarce for example their isn’t the budget for the task at this time then the task is not priority.

If a business aims to open a new branch but the funding will not be available for at least another 12 to 18 months then finding the site and conducting site visits will not be major priority.

Question 3

External sources changes in the economy

Answer 3

If interest rates rise then the business may have to reassess its current borrowing.

Question 4

External stakeholder requirements feedback and availability

Answer 4

This will depend on who the stakeholder is and the nature of the issue. If local residents are complaining about the amount of pollution from a factory into a river thus may be dealt as a high priority.

Question 5

Data sources numerical

Answer 5

Numerical data is essential for business, examples of this data could be sales figures which can be used to monitor the businesses performance

Question 6

Data sources graphical

Answer 6

Graphical data is used to illustrate numerical data so that it can easily be interpreted.

Question 7

Data sources tabular

Answer 7

Means arranging info or data in a form of a table.