2: Activities of Finance Professionals

Question 1

data

Answer 1

consists of raw, unprocessed facts and figures

Question 2

information

Answer 2

data that has been processed in a way that makes it meaningful for planning or decision-making

Question 3

environmental scanning

Answer 3

the process of gathering external information from a wide range of sources

Question 4

data cleansing

Answer 4

process which identifies inaccurate or irrelevant data and modifying or deleting it as appropriate

Question 5

data analysis

Answer 5

process of evaluating data by comparison against benchmarks or yardsticks to form some sort of finding or conclusion, for example to measure the performance of an organisation compared to the prior year and the current budget

Question 6

insights

Answer 6

the process of evaluating data by comparison against benchmarks or yardsticks to form some sort of finding or conclusion, for example to measure the performance of an organisation compared to the prior year and the current budget

Question 7

stakeholders

Answer 7

people or groups who have an interest in (or stake) in the organisation