Business Information & ICT - Information


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Business Information & ICT - Information

  1. 1. Information and IT <ul><li>Second outcome in first unit </li></ul><ul><li>Should take 10 – 12 periods to cover </li></ul><ul><li>You have already covered – Business in Contemporary Society </li></ul><ul><li>Still to do in this unit – Decision Making </li></ul>
  2. 2. Outcome 2 - Information and IT <ul><li>Sources of information </li></ul><ul><li>Types of information </li></ul><ul><li>Value of different types of information </li></ul><ul><li>Uses of information in business </li></ul><ul><li>Uses of ICT </li></ul><ul><li>Costs and Benefits of IT </li></ul><ul><li>Current legislation </li></ul>
  3. 3. <ul><li>INFORMATION? DATA? </li></ul><ul><li>WHAT’S THE DIFFERENCE? </li></ul><ul><li>DATA - a collection of facts which have assembled in a logical manner </li></ul><ul><li>INFORMATION - data that has been processed into a form that will assist in decision making and planning </li></ul>WHAT IS INFORMATION?
  4. 4. Information from different sources <ul><li>Primary - first hand data, gathered by organisation for a specific purpose </li></ul><ul><li>Secondary - collected for one purpose and used for another </li></ul>
  5. 5. Where is this information held? <ul><li>internal - data and info which comes from the organisation’s own records </li></ul><ul><li>external - from sources outside organisation, used to analyse factors over which they have no direct control </li></ul>
  6. 6. TASK - When John Smith was considering replacing his car he used the following information. Identify whether the information is primary or secondary. <ul><li>     he went to his local garage and asked the opinion of the mechanics – their information was based on feedback from their customers and what they actually had to deal with in workshop repairs </li></ul><ul><li>  </li></ul><ul><li>     he read the current edition of What Car? magazine </li></ul><ul><li>  </li></ul><ul><li>     he took the car on a 48-hour test drive </li></ul><ul><li>  </li></ul><ul><li>     he listened to his neighbour and a friend who used to drive a Renault </li></ul><ul><li>  </li></ul><ul><li>     he researched information on the internet </li></ul><ul><li>  </li></ul><ul><li>     he looked at various models in the car showroom </li></ul><ul><li>  </li></ul><ul><li>     he studied the car manufacturer’s leaflets containing prices and technical specifications </li></ul><ul><li>  </li></ul><ul><li>     he read a newspaper article written by Jeremy Clarkson </li></ul>
  7. 7. 2 main types of information: <ul><li>Quantative </li></ul><ul><ul><li>information that is definable </li></ul></ul><ul><ul><li>number based </li></ul></ul><ul><ul><li>information which can be measured </li></ul></ul><ul><ul><li>useful for making comparisons </li></ul></ul><ul><li>Qualitative </li></ul><ul><ul><li>information that is descriptive </li></ul></ul><ul><ul><li>concerned with peoples feelings/opinions </li></ul></ul><ul><ul><li>useful when analysing people’s views on a product </li></ul></ul>
  8. 8. PRESENTATION OF INFORMATION <ul><li>WRITTEN - memos, letters, reports, notices, etc </li></ul><ul><li>ORAL - face- to face, telephone, interviews, meetings, etc </li></ul><ul><li>PICTORIAL - photographs, drawings,etc </li></ul><ul><li>GRAPHICAL - charts, graphs, etc </li></ul><ul><li>NUMERICAL - financial statements, statistics </li></ul>
  9. 9. THE VALUE OF INFORMATION <ul><li>HIGH QUALITY INFORMATION HAS THE FOLLOWING CHARACTERISTICS </li></ul><ul><li>accurate timeliness </li></ul><ul><li>completeness appropriateness </li></ul><ul><li>availability cost effectiveness </li></ul><ul><li>objectivity conciseness </li></ul>
  10. 10. Quality vs Quantity <ul><li>If an organisation wishes to make the right decisions and in order to achieve its aims and objectives then it must use quality information. </li></ul><ul><li>This may mean that quantity is forsaken for quality. </li></ul>
  11. 11. VALUE OF INFORMATION <ul><li>Value depends upon the use that the information is to be put to. </li></ul><ul><li>If it is to be used to control or monitor a situation it must be quantifiable and be easy to compare to other statistics </li></ul><ul><li>eg comparing wastage in a production department over a 12 month period </li></ul>
  12. 12. question <ul><li>Identify two sources of information, other than a brochure, that would be useful to a person choosing a holiday. Give examples of the types of information within these sources and discuss their value for the purpose of making a good decision in this context. </li></ul>
  13. 13. <ul><li>  </li></ul><ul><li>Friends – oral, qualitative </li></ul><ul><li>Oral information from a friend may be subjective opinions, an easy way of getting information, probably first-hand therefore valuable, trustworthy but may be biased </li></ul><ul><li>  </li></ul><ul><li>Travel agents – oral, written, pictorial, graphical, quantitative, qualitative </li></ul><ul><li>Travel agents’ information is relevant and wide-ranging but may be out-of-date and collected from a secondary reference source , cheap and easy to collect, may be biased . </li></ul><ul><li>Internet – written, pictorial, quantitative, qualitative </li></ul><ul><li>The internet will usually give a wide variety of secondary information, difficult and time-consuming to sort through, should be up to date , very convenient to collect. </li></ul>
  14. 14. VALUE OF INFORMATION <ul><li>SETTING STANDARDS </li></ul><ul><li>Before an organisation can decide if it is meeting quality standards it must set a benchmark. </li></ul><ul><li>Only when actual results are compared against pre-set results can a judgement be made. </li></ul><ul><li>RECEIVING VALUELESS INFORMATION </li></ul><ul><li>Job candidates may be asked to send in a CV this will contain a lot of information but has been designed to present the candidate in the best light but may not be fully truthful, or some information may have been omitted. </li></ul>
  15. 15. Source Purpose required value Reason for grade Class registers Identifying absent pupils High Accurate, timely, complete, appropriate, available, cost effective, objective, concise The 6.30pm weather forecast To decide if Sports Day is to be cancelled     The Sun newspaper To assess if the Government is keeping election promises     Which? magazine To decide what vacuum cleaner to buy     Conversation between two men on a bus Critical analysis of David Beckham’s football skills     A TV advert for a new car To decide which car to buy    
  16. 16. Uses of information <ul><li>Monitor and control – mainly finance to ensure that budgets are being adhered to and that there is no overspend </li></ul><ul><li>Decision making – qualitative information may back up quantitative info gathered and help managers come to a decision </li></ul><ul><li>Measuring performance </li></ul><ul><li>Finance – profits, </li></ul><ul><li>Staffing – latecoming, absences, staff turnover, productivity </li></ul><ul><li>Sales – units sold, comparison of sizes, design, colour, area, etc </li></ul><ul><li>Opportunities – to help identify a gap in the market, eg increasing sales in a product may signify a change in lifestyles </li></ul>