E - Impact Of IT Systems

Question 1

What is primary data?

Answer 1

It’s data that you collect in person yourself (1st Hand)
it is biased information that is reliable as it is you gathering informationa and it is specific to what you want

Question 2

what is secondary data?

Answer 2

Data that you use which is collected by someone else (2nd Hand)
It typically has a lot of unbiased information, however it may be unreliable because you are assuming the data is accurate, and it is not specific to what you want

Question 3

what is quantitative data?

Answer 3

Measures of values or counts and are expressed as numbers. data about numeric variables (e.g. how many, how much or how often).

Question 4

What is Qualitative data?

Answer 4

data representing information and concepts that are not represented by numbers, such as in-depth interview transcripts, diaries, anthropological field notes, answers to open-ended survey questions,

Question 5

Pros and cons of interviews?

Answer 5

Pros:
- Extra detail can be drawn out on the spot
- Only practical for a limited number of people
Cons:
- Opinions can be aired and considered by
people in the group
- Less quantitative than a questionnaire

Question 6

Pros and cons of online surveys?

Answer 6

Pros:
- Conduct market research at a fraction of the
usual cost.
- Get real-time results for quick and easy
analysis.

Cons:
- a lot of people may overlook the survey
-

Question 7

what are SMEs??

Answer 7

Small and Medium sized Enterprises are Defined by the number of employees, turnover and net worth shown on a balance sheet

Question 8

What is regulation?

Answer 8

Regulation is the creation of rules and sanctions within an industry in order to modify the economic behaviour of firms

Question 9

what is De-Regulation?

Answer 9

De-regulation is the opening of markets to new competition through the removal of rules and regulations that created barriers to entry

Question 10

What is corperate privatization?

Answer 10

Privatization also may describe a transition
that takes a company from being publicly
traded to becoming privately held.

Privatization leads to monopoly power as
most firms privatized operate in markets
with barriers to entry such as economies of
large scale

Question 11

what are arguments for Regulation?

Answer 11

Protect consumers against the abuse of monopoly power that would lead to higher prices, supernormal profits, and inefficiency

To create an environment that will encourage businesses to strive for efficiency through reduced costs

This has been achieved through capping prices, forcing businesses to cut costs in order to increase profit

To ensure quality and choice are maintained