Study Block 1 Flashcards
Define information
Processed data that adds meaning and aids in decision making
Define data
Unprocessed and unstructured facts and figures
Define secondary data
Data that has been collected for another purpose by someone other than the user
Define primary data
Data that has been collected solely for that particular purpose
What source of secondary data would be most appropriate for an analysis distribution of men and women in different roles within an organisation?
Company HR records
What source of secondary data would be most appropriate for a comparison of the number of people living in different towns?
National consensus records
Characteristics of strategic decisions (5)
Senior management
Policy decisions
Long term
Complex
Non-routine
Characteristics of tactical decisions (4)
Middle management
How to achieve policy
Medium term
Less complex
Characteristics of operational decisions (5)
Junior management
Day to day decisions
Short term
Simple
Routine
What are the LEVELS of information (3)
Operational
Tactical
Strategic
An accountant calculates an organisations profit and loss based upon financial information from many sources. Name 6 characteristics this information must have to be described as good info
Accurate
Complete/up-to-date
Relevant
Reliable
In the right format
Timely
Why is it important for an accountants information to be accurate when calculating an organisations profit and loss
Precision is of utmost importance when dealing with money
Why is it important for an accountants information to be RELEVANT when calculating an organisations profit and loss
Enable the accountant to keep timescales/ make the correct calculations
In order for decisions to be robust, the info needs to be (6)
Relevant
Accurate
Complete
Reliable
Timely
Communicated
Robust definition
Statistics with good performance for data drawn from a wide range of probability distributions
