Information sources and data types

Question 1

What are internal sources?

Examples

Answer 1

• Internal sources are sources which come from within the business.
• Financial info= profit and loss accounts, wages, costs,
• Personal info (HR)= employees-address, phone n.o
• Marketing info = target audience, research,
• Purchases info = prices - suppliers, sales= stock sold
• Manufacturing information = amount of stock made, cost of production, high demand, monitor branches to

Question 2

What are external sources?

Examples

Answer 2

• External are sources which come from outside the business, they NEED to be reliable.
• Government = is reliable (gov), provided to help people i.e name change. Legislation set, useful for businesses, requirements met.
• Commercial provided = lost of info provided for use, info which links to specific industry or department of the firm. E.g: a site with everyone’s travels on average, firm use this when decision making. Travel agents share info so they all can use it to their benefits.
• Database & Research = increase sales, given access to info they do not have, as well as interest of the business.

Question 3

What are primary data?
Advantages (+)
Disadvantages (-)

Answer 3

• This data is collected freshly, for a specific purpose.
  +Tailored to the needs of the company
  + Business control of flow of information HOW its collected
  + it can be modified at any time. Quality is good, self collected, relevant info.
  + Use for more than one purpose
• Costly, self-collection
• Time consuming
  -Pay collectors
• Research might be out dated quickly.

Question 4

What are secondary data?
Advanatages (+)
Disadvantages (-)

Answer 4

• This data is research which already exists. Is data which collected by another for a different purpose.
  + Expert in info collect = good reliable data, analyse data to see if its validated and useful
  + Not self-collected, easier process, not stress
  + Money save – don’t have to pay extra employees.

Question 5

What are qualitative?

Examples

Answer 5

• Is data that is describing the purpose of the data with validly reasoning, so you gain an understanding. Opinionated. Good quality date, because the info is detailed and useful. Descriptive data which cannot be recorded.
• How do get to school? Purpose: use this information for how to design the layout/building of something.
• Applicant personal information
• Customer reviews on products or services
• Description of the function of the product
• Reports of performance of employees.

Question 6

What are quantitative?

Examples

Answer 6

• Is data which is measurable and numeric because it records a quantity or a response. Info based on stats to do with numeric measures, with an explanation. You can be put them into a spread sheet, use for analyse, assort it, use for comparison for future aims & obs. Facts and figures.
• If you asked the IT class what they thought about the new course on scale of 1-5, just a figure = quantitative data. Purpose: to see whether students are finding it too difficult and to require more help or revision sessions.
• Number of sales
• Cost of products
• Applicant number