Information Analysis For Business Flashcards
What is Data?
Data vs Information
Data - Raw, Unstructured
No organisation to it
Information - Structured, Organised
What do we Data and Information for?
Serving customers
Making things
Arranging supply of raw materials and goods
Recruiting, training, supervising and paying staff
Maintaining facilities and premises
Monitoring revenue and expenditure
Taking advantage of new opportunities
Dealing with problems
But Data Does Varies?
It varies through…
Regularity
Timescales
Range of impact
Scale of Operation
How is Information used?
Use it to monitor
Use it for reporting
Use it to manage our systems
Data function can be grouped by
Planning
Decision making phase
Organising and coordinating
Leadership and motivation
Control
Fundamentals of decision making
Strategic
Tactical
Operational
Types of Data?
Primary Data - you yourself have collected and used
Secondary Data - is data that has been collected by others and then they have gone and published it and then you are re-using that data yourself
Tertiary Data - Is mainly lists a collection of other data sources
Quality of Information?
Information must be…
Relevant
Accurate
Complete
Reliable
Timely
Communicated
