Communicating Information to Stakeholders Flashcards
What are the attributes which make good quality information?
Accurate
Complete
Cost effective
Understandable
Relevant
Authoritative
Timely
Easy to use
What are the three levels where infromation is passed to?
Strategic/Corporate level
Managerial
Operational
What information is discussed and required at a strategic/corporate level?
Analyse what has happened in the past both business perfromance and in the market. Allowing management to make long term decisions about the future of the business
What information is discussed at a managerial level?
Regular info making decisions about how strategic goals will be achieved
Sufficiently detailed- planning and allocation of resources
What information is discussed at a Operational level?
Detailed info for the day to day runnings of the business
What are three types of big data?
Social - Social media
Machine - Generated by machines
Transactional - Transactional accounts
How is social data utilised?
Gives a valuable insight into the ways customers think and behave
Assists companies in marketing and developing products and services
What is machine data, give examples?
Data which is generated by machines, well structed and easy to analyse
Electric smart meters
What is transactional data?
Generated from the daily transaction of a business such as sales and purchases
What are the characteristics of big data, 5 V’s?
Volume - amount of data
Velocity - Speed at which you can process the data
Variety - different sources of data
Veracity - Accurate and thruthful data
Value - value it adds to the business
What are the benefits of using big data? (7)
Attracting and retaining customers - pinpoint what customers are looking for
Focused marketing - Analyse trends to focus their marketing
Improved business processes - Streamline operations
Gain competitve advantage - Improved decision making
Idenfication of areas of potential risk
Faster innovation - rect quickly to changes in market trends
Fraud detection - Detect fraudulent transactions
What are the limitations of big data?
LAck of knowledge and skills - to analyse data properly
Difficulties integrating data - can overwhelm due to volume of data
Data protection
How should professional scepticism be applied in relation to big data?
Information should not be taken at face value and questions should be asked. Professional judgement should be used to assess if data is right.
What is the benefit of employing external services to analyse data?
Smaller business may not be able to analyse large amounts of data so they employ a external service to do it for them.
Data analytics companies can offer their expertise.
Advantages and disadvantages to presenting data in tables?
Advantages - Simple, easy to compare figures
Disadvantages - Too much data and info can get lost, rwo dimentional
