FINANCIAL DECISION MAKING

Question 1

spreadsheets: client needs

Answer 1

1. monitering - spreadsheets offer customisable dashboard and reporting functionalities, allowing management to monitor key financial metrics irl
2. training - specialised training programs can be tailored to meet business spesific needs eg scenario analysis

Question 2

spreadsheets: user

Answer 2

1. training - ongoing training can be implemented to keep staff updated on advanced spreadsheet functionalities
2. specialist features - data validation empowers users to preform sophistaced financial tasks with ease

Question 3

spreadsheets: time

Answer 3

1. time saving - automation of routine tasks eg budgeting
2. however - time taken to create templates and formulas is significant

Question 4

spreadsheets: cost

Answer 4

1. cost saving - facilties strategic cost management iniatives
2. however - initiial investment in software is substantial

Question 5

spreadsheets: security

Answer 5

password protection: spreadhssetws can be encypted through the use of passwords to safeguard data from unauthorised access
however: may not be sufficent to protect against sophisticated cybersecurty threats

Question 6

databases: client + user

Answer 6

• facilitate increased efficiency by streamlining daily tasks
• efficiency leads to cost saving
• by centralising data storage, databases can facilitiate faster decision making and more informed strategic planning

Question 7

databases: client + user
however

Answer 7

some staff may resist using databases due to unfamilairity and resistence to change

Question 8

databases: time

Answer 8

databases allow a business to track, moniter and measure time efficiently by facilitating timely reminders to clients, contributing to the overall efficiency + supportiung finacial decison making by providing instant, up to date, information.

Question 9

databases: time
however

Answer 9

• process of setting up analytical functions can be time consuming

Question 10

databases: cost

Answer 10

whilst there is upfront cossts associated with databases, the long term benefits justify the investment

Question 11

databases: cost
however

Answer 11

ongoing costs suhc as spftware updates can strain financial recources

Question 12

databases: security

Answer 12

databases offer robust securty measures , providing a frameowrk for enforcing data privacy and safety measures

Question 13

databases: security
however

Answer 13

despite robust security: theyre not immune to cyber threats such as malware or other data breeches.