Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

ACCA Performance Management > Chapter 3: Information systems and data analytics > Flashcards

Chapter 3: Information systems and data analytics Flashcards

1
Q

What is strategic planning

A

Top of the organisation
Future courses of action
Long-term forecasts
Uses several varieties of models
Summarised data/ external sources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is management control

A

Mid tier
effective use of resources to achieve targets set at strategic planning

Budgets/ productivity/ labour stats/ capacity utilisation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What is operational control

A

bottom tier
day-to-day implementation of plans of organisation
Short term transactional data
detailed data/ internal/ frequent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the 3 levels of management

A

1) Strategic
2) Management
3) Operational

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is competent

A

Sufficiency in expertise to make a decision

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is an executive information system (EIS)

A

Gives senior execs access to internal & external info
Summarised info to drill down
Strategic planning/ trends
Easy to model - make summarised reports

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are management information systems

A

Converts data to useful info in an appropriate form for managers at all levels
Management control- planning/ directing/ controlling activities
enable timely/ effective decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are transaction processing systems (TPS)

A

Historic info- low level
routine business transactions (ST)
done in large volumes
Operational control
Specific inputs & outputs
MUST BE CORRECT- informs all decisions
Basic decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are transaction processing systems (TPS)

A

routine business transactions
done in large volumes
Operational control

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is strategic information

A

used by directors / senior execs
Alternative courses of action
plan overall objectives
E.g profitability & prospects for presents and future markets
Uses MIS & EIS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is tactical information

A

Used by managers at all levels
Normally middle management
Pricing/ purchasing/ distribution
Sales analysis/ stock levels/ productivity measures
Exception reporting
uses MIS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is operational information

A

Foremen/ section heads
Routine tasks

Listings of debtors/ creditors
Payroll details
Raw materials/ usage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

When are TPS used?

A

Sales/ Marketing systems- record transactions
Manufacturing production systems- details of purchases, production & shipping of goods
Finance & accounting systems- maintaining financial data, purchase & sales ledger & payroll

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

When are TPS used?

A

Sales/ Marketing systems- record transactions
Manufacturing production systems- details of purchases, production & shipping of goods
Finance & accounting systems- maintaining financial data, purchase & sales ledger & payroll

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What do MIS show?

A

1) Collate info from individual transactions - helps control the business

2) Customer purchases are summarised into reports to identify the products& customers w/ most revenue

3) Level of repeat business- indicates customer satisfaction

4) Management accounts -shows margins for products and customers- sets rewards

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are features of management Information systems (MIS)

A

1) support structured decision making at all levels
2) Online access to TPS- summary info
3) Internal focus
4) detailed info if needed
5) simple summary reports & comparisons

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are 4 types of MIS?

A

1) database system- process & store info which is the org’s memory
2) Direct control systems - monitor & report on activities
3) Enquiry systems - based on databases, specific info e.g performance of department or employee
4) Support systems - provide computer based methods 7 procedures for conducting analyses, forecasts & simulations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What are Enterprise Resource Planning systems (ERPS)?

A

integrates data from all operations within the organisation into one system
everyone works off the same system for decision making
e.g SAP & Oracle

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What do ERPS offer?

A

Real time info
Standardisation of data
Common data files reducing duplication

Provide packages for functions
Installed on Database Management Systems

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What can ERPs be used for?

A

Supply chain management
Activity based costing
Balanced scorecard performance reporting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What are customer relationship management systems (CRMS)?

A

Build/ sustain LT business with customers
The processes a company uses to track/ organise its contacts with current & prospective customers (supports these processes)
Enter and store customer info

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What are the 5 stages of customer relationship management development processes

A

1) Selection
2) Acquisition
3) Retention
4) Extension
5) After- sales service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is phase 1 -selection

A

Segmentation, Targeting & Positioning process
Market research to target correct customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What is phase 2- Acquisition

A

Minimise costs of this
But this has the lasting customer impression

25
Q

What is phase 3 - retention

A

Additional sales from customers w/ a relationship to business
KEY- Costs more to get new customers than retain
Indepth understanding of customer needs - products / services tailored to them
Loyalty schemes used (lock-in strategy) –> informed by data information systems

26
Q

What happens if you can’t retain a customer?

A

It’s an opportunity cost lost
Haven’t brought in new custom

27
Q

What is phase 4- extension

A

Additional sales can come from reselling the same product, cross-selling or up-selling
re-selling= e.g renewal of motor insurance
cross-selling= sold them motor now sell travel
up-selling= upgrading their policy

28
Q

What are the 2 phases of the customer life cycle

A

Retention & extension

29
Q

What is phase 5- after sales service?

A

Using tech to provide answers to FAQ, handle complaints

Newletters, offers, targeted emails

30
Q

What is big data?

A

Large volumes of data beyond normal processing, storage, analysis & capacity of typical databases

e.g Petabytes & exabytes
Can be structured or unstructured

31
Q

What is structured data?

A

Contained within a field in a data record/ file (databases/ spreadsheets/ data warehouses)

32
Q

What is a data warehouse

A

Store of consolidated data from multiple sources, archived & ordered
Products inside containers on shelves in rows like in a normal warehouse

33
Q

What is unstructured data?

A

not easily contained within data fields e.g pictures/ videos/ webpages/ emails
Stored in data lakes

34
Q

What is a data lake?

A

data in its rawest form

35
Q

What are the challenges of big data

A

identifying patterns in unstructured data ( a lot of which is text format)

36
Q

Benefits of big data

A

Greater competitive advantage
Improved productivity
increasing innovation- decreasing time to answer questions & make decisions

37
Q

What are the 5 Vs

A

Velocity
Volume
Variety
Veracity
Value

38
Q

What’s velocity

A

Timely- understands changing needs
Constant rate of data that servers can’t cope with the flow

39
Q

What is volume

A

comes from many sources and data generation increases volumes to a potentially unmanageable level

40
Q

What is variety

A

Traditionally- consistent format e.g spreadsheets/ standard databases
Now- wide range of formats e.g text/ audio/ images

Approx 80% is unstructured
Big data can sort them into relationships

41
Q

What is veracity

A

Trends in data
work with different types of data e.g colloquial language/ hashtags etc
Increases accuracy

42
Q

What is value

A

added value for companies
Generating business value from their investments

43
Q

What is big data used for

A

traffic flow monitoring/ streamed audio/ web page content/ Gov docs/ GPS tracking

44
Q

What are the 3 risks of big data?

A

1) Availability of skills- combine analysis skills with industry

2) security of data- if not manage greater risk of loss

3) data protection- orgs collect a greater range of data (personal)

45
Q

What is big data management?

A

Storage, admin & control of vast quantities of structured & unstructured data

46
Q

What is the aim of big data management?

A

stored data is high quality and accessible

47
Q

What is effective big data management

A

Process & analyse large sets of data from a variety of relatively new sources e.g social media

48
Q

What is big data analytics

A

scrutinises big data to identify patterns & insights
Impacts the future profitability

49
Q

What are big data sources

A

May need more advanced software than data warehouses e.g Hadoop

Hadoop= open source programming framework to process large data from data to info using multiple servers

50
Q

What is the big data pyramid

A

Relationship between data, info, knowledge & wisdom
Sequence of efforts
Model representing structural & functional relationships

51
Q

What is data

A

Know nothing
Raw & unmeaningful
Needs context to give info
Information management

52
Q

What is information

A

Know what
Needs meaning to give knowledge
Information management

53
Q

What is knowledge

A

Know how
Needs insight to give wisdom
Knowledge management
What the business can learn from

54
Q

What is wisdom

A

Know why
Knowledge management
Insight to make relevant business decisions

55
Q

What is information management?

A

Collect, process, disseminate, store, display & protect

56
Q

What is knowledge management

A

Create, organise, apply, transfer

57
Q

What is data mining

A

Identifying trends & patterns in large sets of data
Turns raw data to useful info
Stats, machine learning & databases

58
Q

What is predictive analytics

A

valuable insights based on past data to assume forward behaviour
uses stat models from past raw data

59
Q

What is scepticism

A

There are limitations of analytics
Predictions only based on reasonable probabilities & assumptions

ACCA Performance Management (15 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions