Categories of information use by a ORGANISATION

Question 1

What is knowledge management ?
Examples
Advantages
Disadvantages

Answer 1

• Is information held internally is brought together for a better understanding. Useful for collection & organizing info for efficient task plans.
• Must be stored and manages in a specific way

Question 2

What is management information systems ?
Examples
Advantages
Disadvantages

Answer 2

• Needed to support management process during decision making. Purpose is to give managers feedback on their performance.
• A toy store could use a computer database in order to keep track of which products sell best.
• Tracks resource ( revisit for other uses) & allows managers to make reports on firm activity.
• Costly MIS & staff need to be trained to use MIS.

Question 3

What is marketing, promotion & sales ?
Examples
Advantages
Disadvantages

Answer 3

• Businesses use information as a part of the process of marketing.
• Introduction new range of produce, promoted on social media, ads = publicity gain from T.
• Promotion of business & Improvements in business profits by boosting sales.
• Use of poor info from research may not be cost efficient and time consuming

Question 4

What is financial analysis & modelling?
Examples
Advantages
Disadvantages

Answer 4

• Is information which is required in the process to highlight facts for the organisation.
• Top selling brands, customer behaviors, + & - impacts, highlight trends, use info comparison.
• Info shows losses & gains, changes if necessary. Model info used to compare, pick up trends. See if they can add a new product.
• Figure not always accurate, results only predictions.

Question 5

What is contact management ?
Examples
Advantages
Disadvantages

Answer 5

• Is information which is required to contact all the people who have a relationship with the business.
• Employees, customers, suppliers.
• Able to contact parents/careers/family members in emergencies and accidents.
  You can relocate someone on the system, quick, profile
• Data might not up to date or accurate, business unable to contact the employer, customer or supplier if they need to.

Question 6

What is decision making?
Examples
Advantages
Disadvantages

Answer 6

• Decision making is information which is researched beforehand to contribute when making a final decision.
• View sales n.o, statements, to see if they have £ to fund projects.
• Ensure staff make correct decisions thru discussions. Prevents £ & time loss.
• Research isn’t always reliable, accurate, valid etc.

Question 7

What is internal & external communication?
Examples
Advantages
Disadvantages

Answer 7

• Occurs within the business as well as outside the firm.
• Directors to managers, managers to staff & suppliers, staff to customers
• Int talk addressed to more at once. Ext = quality supplies.
• Int heard by others lower on the hierarchy = breach. Ext people not available always.

Question 8

What is big data?
Examples
Advantages
Disadvantages

Answer 8

• Is the amount of data being made & stored on global level (impossible), keeps growing.
• Data that is so large, complex & traditional is analysed.
• Analysis gives a better insight on decisions & strategic method which could be used.
• Organisation might have held the data for too long, illegal activity.