Deffinitions Flashcards
Mintzbrurg building blocks
- Strategic Apex
- Middle line
- Operating core
- Support staff
- Techno structure
Mintzberg co ordination mechanisms
- Direct Supervision
- Standardisation of work
- Standardisation of skills
- Standardised outputs
- Mutual adjustment
Reserved areas of practice
- Statutory audit
- investment business
- Insolvency
- Probate
Who carries out statutory monitoring of quality of audit
FRC
Data can be useful for
- Planning
- Decision making
- Control
The lower the standard deviation, the (less risky/more risky)
Less risky
Data analysis follows these steps:
- identifying information needs for business
- collecting the data
- analysing the data
- presenting the information
- using the information
Systematic sampling
Nth term to be chosen then every 100th term since
Stratified sampling
Population is divided into sub strata
Self selection bias
When an individual selects them selves to be part of a sample eg entering into an online prize draw
Selection Bias
When data is selected randomly but it’s not representative of the population
Omitted variables
When key variables are not included in the data analysed for example missing ages of people
Cognitive bias
This relates to human perception and includes biased depending on how data is presented e.g. if a companies profit increases 20% in one year however market growth is 30% of the profit arnt that great
Confirmation bias
Occurs when people see data that confirms their beliefs but ignore the data that doesn’t confirm there beliefs 
Survivorship bias
Occurs when the sample only contains items that survived a previous event
