Unit 2 - LO3 Understand the Use of Global Information and the Benefits to Individuals and Organisations

Question 1

Categories of information used by organisations

Answer 1

. Knowledge management and creation
. MIS
. Marketing, promotion and sales
. Financial analysis and modelling
. Contact management
. Decision making
. Internal and external communication
. Big data

Question 2

Knowledge management and creation

Answer 2

Knowledge management is the process of bringing together all of the information held by an organisation to gain a better insight.

Question 3

MIS

Answer 3

A computer-based system providing an organisation with the tools to organise, manage and evaluate departments withing an organisation.

Question 4

Marketing, promotion and sales

Answer 4

Used to identify trends in order to market and promote products and/or services and increase sales.

Question 5

Financial analysis and modelling

Answer 5

Used to analyse financial information and build models of real-world financial situations.

Question 6

Contact management

Answer 6

. Provides quick access to account names and contact information.
. It is used by individuals or small teams.

Question 7

Decision making

Answer 7

Information is required before an organisation can make a business decision.

Question 8

Big data

Answer 8

This is any data that is too large or too complex for traditional data analysis.