Communicating Information to Stakeholders Flashcards

1
Q

What are the attributes which make good quality information?

A

Accurate
Complete
Cost effective
Understandable
Relevant
Authoritative
Timely
Easy to use

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

What are the three levels where infromation is passed to?

A

Strategic/Corporate level
Managerial
Operational

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

What information is discussed and required at a strategic/corporate level?

A

Analyse what has happened in the past both business perfromance and in the market. Allowing management to make long term decisions about the future of the business

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

What information is discussed at a managerial level?

A

Regular info making decisions about how strategic goals will be achieved
Sufficiently detailed- planning and allocation of resources

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

What information is discussed at a Operational level?

A

Detailed info for the day to day runnings of the business

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

What are three types of big data?

A

Social - Social media
Machine - Generated by machines
Transactional - Transactional accounts

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

How is social data utilised?

A

Gives a valuable insight into the ways customers think and behave
Assists companies in marketing and developing products and services

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

What is machine data, give examples?

A

Data which is generated by machines, well structed and easy to analyse
Electric smart meters

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

What is transactional data?

A

Generated from the daily transaction of a business such as sales and purchases

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

What are the characteristics of big data, 5 V’s?

A

Volume - amount of data
Velocity - Speed at which you can process the data
Variety - different sources of data
Veracity - Accurate and thruthful data
Value - value it adds to the business

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

What are the benefits of using big data? (7)

A

Attracting and retaining customers - pinpoint what customers are looking for
Focused marketing - Analyse trends to focus their marketing
Improved business processes - Streamline operations
Gain competitve advantage - Improved decision making
Idenfication of areas of potential risk
Faster innovation - rect quickly to changes in market trends
Fraud detection - Detect fraudulent transactions

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

What are the limitations of big data?

A

LAck of knowledge and skills - to analyse data properly
Difficulties integrating data - can overwhelm due to volume of data
Data protection

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

How should professional scepticism be applied in relation to big data?

A

Information should not be taken at face value and questions should be asked. Professional judgement should be used to assess if data is right.

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

What is the benefit of employing external services to analyse data?

A

Smaller business may not be able to analyse large amounts of data so they employ a external service to do it for them.
Data analytics companies can offer their expertise.

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

Advantages and disadvantages to presenting data in tables?

A

Advantages - Simple, easy to compare figures
Disadvantages - Too much data and info can get lost, rwo dimentional

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

Advantages and disadvanatges of matrices?

A

Ad - Key data stands out
Dis - Lacks detail

17
Q

Name 3 different graphs and charts?

A

Column and bar charts
Pie charts
Line graphs

18
Q

Why are diagrams useful to present data?

A

Use of arrows shows a clear indication of how relationships are developed

19
Q

What is a dashboard?

A

Allows various different types of info to be displayed in one place which is generated from accounting software.

20
Q

What are the benefits of a dashboard?

A

Ad - Data is easy to understand, always up to date and cloud accoutning allows the dashboard to be viewed from anywhere

21
Q

Name some attributs to effective communication?

A

Clear and easily understood
Consice
Unambiguous
Complete
Accurate
Timely
Appropriate
Suitable format

22
Q

Name some methods of communication?

A

Reports
Email
Letters
Meetings
Telephone calls
Social Media
Intranet and instant messaging
Confidentiality

23
Q

What is goal congruence

A

Where everyone is working towards the same goal