Chapter 1 - Management Information Flashcards
1
Q
List the five characteristics of good information
A
Relevant Understandable Timely Consistent Fit for purpose
2
Q
List some examples of internal sources of information
A
Sales orders Customer complaints Purchase invoices Payroll records Inventory records
3
Q
List some examples of external sources of information
A
Government statistics Trade information Internet Financial newspapers Quotations Price lists
4
Q
What is the difference between primary data and secondary data?
A
Primary data is collected for a specific task whereas secondary data is collected by another user.
5
Q
What is the difference between quantitative and qualitative?
A
Quantitative data can be measured. Numerical format.
Qualitative data is not numerical, but it still provides useful information.
6
Q
What are the two main approaches to collecting data?
A
Census approach - data is collected from every item in the population.
Sampling approach - data is collected from a sample of the population.
7
Q
What are the six methods for selecting a sample?
A
Random Systematic Stratified Multi-stage Cluster Quota
