Big Data Analytics

Question 1

What can big data analytics do for halfpenny?

Answer 1

Significantly enhance the accuracy and efficiency of labour cost budgeting

Question 2

How can big data analytics help the accuracy of labour cost budgeting?

Answer 2

Identifying patterns and trends (employee productivity, working hours)

Optimising staff levels (can reveal overstaffing or understaffing)

Forecasting demand (can adjust staffing levels or hire temporary staff if needed)

Skill gap analysis (identifying future skill requirements so Halfpenny can budget for training existing staff)

Question 3

How does big data analytics support the control of labour costs?

Answer 3

Monitoring productivity (systems for real-time productivity monitoring enables halfpenny to make immediate adjustments in task allocation or identify urgent training needs

Adjusting to real-time demand (provide insight into sudden shift in demand)

Question 4

Limitations of using externally generated information for budgeting purposes

Answer 4

Accuracy & reliability (info from market research or competitor analysis may be less accurate and reliable than internally generated data)

Relevance and timeliness (may not perfectly align with Halfpenny’s specific needs or might be outdated)

Practical challenges (external info can present challenges, such as accessing proprietary data or dealing with uncooperative third parties)