Data and Information

Question 1

Quantitative

Answer 1

Data that can be measured (numerical)

Question 2

Qualitative

Answer 2

Data that can’t be measured (words)

Question 3

Discrete

Answer 3

Values that are distinct and separate (1,2,3…)

Question 4

Continuous

Answer 4

Values belonging to it may take on any value (with decimal)

Question 5

Primary

Answer 5

Data gathered yourself for a specific purpose

Question 6

Secondary

Answer 6

Data gathered by someone else for another purpose that you use for your purpose

Question 7

Qualities of Good Information

Answer 7

Accurate, Complete, Clear, User friendly, Reliable, Accessible, Timely, Effective (ACCURATE)

Question 8

Internal Sources of Data

Answer 8

Accounting System, HR Records, Marketing Department, Production Department

Question 9

External Sources of Data

Answer 9

Government Statistics, Financial Press, Trade Publications, Internet (including big data)

Question 10

Big Data

Answer 10

Involves capturing and processing data on a vast scale and converting it into information utilised by the organisation. Volume, Velocity and Variety

Question 11

Uses of Big Data

Answer 11

Identifies and analyses opportunities, organisations can build a more detailed picture of their customers and competitors, identifies trends in customer behaviour, identifies reducing costs and shows the impact in the wider environment

Question 12

Types of Data Analytics

Answer 12

Description, Prediction and Prescription