Chapter 6 Flashcards
Define economy
Economy is measured by the success of the team in controlling its costs
Define efficiency
The amount of recourses used for the tasks that have been achieved
Define effectiveness
Measured by the organisation’s performance in achieving its goals.
Define tactical information
Info that helps staff deal with short-term issues
Define planning information
Info specifically helping staff involved in the planning process
Define operational information
Information concerned with day-to-day issues
Define strategical information
Information that has longer-term concerns than both tactical and operational information
Define a range check
A range check can give some assurance that a value is accurate e.g. months in a date should be from 1-12. However, they give no assurance that data is complete
What are the fundamental qualitative characteristics of FS?
Relevance
Faithfulness of representation
