LO3 (Categories & Analysis) Flashcards
What is the difference between data and information?
Data refers to unprocessed facts or statistics that have no context, while information refers to data that has been processed, organized, and structured into context.
Describe two examples of Communication of information used by individuals:
- Sending a text message to a friend to make plans.
- Emailing a family member living abroad.
Describe two examples of Education & Training of information used by individuals:
- Accessing a virtual learning environment to submit assignments.
- Receiving feedback from a teacher after an exam.
Describe two examples of Entertainment of information used by individuals:
- Reading a film review in a magazine.
- Watching a tutorial video on DIY projects.
Describe two examples of Planning of information used by individuals:
- Using a shared document to organize meeting dates.
- Checking a calendar app for upcoming events.
Describe two examples of Financial of information used by individuals:
- Reviewing a bank statement to track expenses.
- Creating a budget spreadsheet for the month.
Describe two examples of Research of information used by individuals:
- Using online encyclopaedias for a school project.
- Searching for research articles to write an essay.
Describe two examples of Location Dependent of information used by individuals:
- Finding local pizza restaurants.
- Searching for emergency dental care while on vacation.
Describe two examples of Knowledge Management & Creation of information used by organisations:
- Sharing information between branches in different cities.
- Establishing best practices for information sharing within the organization.
Describe two examples of Management Information Systems (MIS) of information used by organisations:
- Providing an overview of key information like contact details of employees.
- Analysing individual data to make informed decisions.
Describe two examples of Marketing, Promotion & Sales of information used by organisations:
- Identifying trends in sales figures to develop targeted marketing campaigns.
- Creating strategies for promoting new products or services.
Describe two examples of Financial Analysis & Modelling of information used by organisations:
- Analysing cash flow trends to predict financial outcomes.
- Creating models to predict customer behaviours.
Describe two examples of Contact Management of information used by organisations:
- Tracking appointments at a doctor’s surgery.
- Managing customer inquiries and follow-ups efficiently.
Describe two examples of Decision Making used by organisations:
- Using available data to determine the amount of aid to send to a disaster area.
- Making strategic decisions based on internal and external factors.
Describe two examples of Internal & External Communication used by organisations:
- Sharing important updates with staff via email.
- Posting operational changes on the organization’s website.
Describe two examples of Big Data used by organisations:
- Analyzing large sets of healthcare data for population studies.
- Utilizing advanced analytics tools to derive insights from massive datasets.
How does the transformation of data into information add value to an organization?
Turning data into information facilitates better understanding, enables informed decision-making, and supports strategic planning within an organization.
What role does effective data analysis play in ensuring the quality of information produced for organizational use?
Effective data analysis helps identify patterns, trends, and insights that contribute to the accuracy, relevance, and reliability of the information generated for organizational decision-making and operations.
What are the 8 stages of data analysis?
- Identify the need, 2. Define the scope, 3. Identify potential sources, 4. Source and select information, 5. Select the most appropriate tools, 6. Process and analyse data, 7. Record and store information, 8. Share results.
How would a supermarket chain like ‘Fresh Food UK’ use each of the 8 stages of data analysis to determine the most profitable stores?
Fresh Food UK would first identify the need by setting objectives to determine the purpose of analysis. They would define the scope by outlining constraints such as budget and deadlines. Identify potential sources like sales data, source and select relevant information, choose appropriate tools such as regression analysis or trend analysis, process and analyse the data, record findings in a report, and finally share the results with stakeholders.
What is the importance of selecting the most appropriate tools in the data analysis process?
Selecting the most appropriate tools for data analysis is crucial as it ensures that the analysis is conducted efficiently and effectively. Tools such as regression analysis and trend analysis help in identifying relationships and patterns within the data, leading to informed decision-making and valuable insights for the organization.
How can Fresh Food UK utilize data tables to determine and present the most profitable stores across the country in the past year?
Fresh Food UK can use data tables by organizing sales data into tables to analyse and compare store profitability metrics like revenue and profit margins for each store location.
Why is visualizing data important for Fresh Food UK to identify trends and patterns in store profitability?
Visualizing data helps Fresh Food UK easily recognize trends such as high and low-performing stores, enabling better decision-making in terms of resource allocation and strategic planning.
How can GIS and location mapping be beneficial for Fresh Food UK in analysing store performance across various geographic locations?
By utilizing GIS and location mapping tools, Fresh Food UK can visualize store locations on a map, helping to identify geographical patterns like areas with higher sales volumes, which can aid in optimizing supply chain management and marketing strategies accordingly.
What is the primary difference between open and closed information systems?
Open information systems can interact with other systems to exchange data, while closed systems are private and cannot exchange data with other systems.
What are some advantages of open information systems?
Open systems allow for data exchange with other systems and platforms but are more vulnerable to data loss and hacking.
How does the security level differ between open and closed information systems?
Access to closed information systems is limited, making them more secure compared to open systems.
