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communicating information to stakeholders Flashcards

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1
Q

What are the attributes of good quality information ? P203

A

ACCURATE

Accurate
Complete
Cost effective
Understandable
Relevant
Authoritative
Timely
Easy to use

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2
Q

Why is accurate information an attribute of good quality ? P203

A
  • Decision making reliance
  • free from errors and bias
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3
Q

Why is complete information an attribute of good quality ? p203

A
  • must be sufficient for purpose
  • information amount not excessive
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4
Q

Why is cost effective information the attribute of good quality information ? P203

A
  • usefulness & value of information > costs of producing it
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5
Q

Why is understandable information associated with being good quality ? P203

A
  • information complexity
  • fit user needs & user targeted
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6
Q

Why is relevant information associated with good quality ? P203

A

fit for purpose & communicated 2 right person

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7
Q

Why is authoritative information associated with good quality ? P203

A
  • Reliable source
  • competent person providing info
  • reliability of computer programme
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8
Q

Why is timely information associated with good quality ? P203

A
  • sufficient time
  • users make - necessary decisions
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9
Q

What type of information will operational management be given ? P205

A
  • regalr & detail info - internal sources
  • past event related
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10
Q

Why is easy to use information assoicated with good quality ? p203

A
  • provided in a way - easy to use
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11
Q

What type of information is required for strategic level management ? P204

A
  • Analysis - past events
  • longer term decisions
  • internally generated info - past perofrmances, resources avaialble, internal factors affecting performance
  • more likely - external info focused - competitor activity , government policies
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12
Q

How will information provideed for strategic management appear ? P204

A
  • summarised - not detailed
  • headline figure focused
  • lower management - do analysis
  • provided ad hoc basis
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13
Q

What type of information is to be provided at the operational level of management ? P205

A
  • Explicit detail
  • implement strategic and tactial decisions - higher management
  • internal sources
  • past event related
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14
Q

Where can big data be sourced, what type of data is bg data , and what are the primary sources for big data ? P205

A
  • Variety of sources
  • can be Financial / non financial data
  • social data
  • machine data
  • traditional data
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15
Q

What is big data ? P205

A
  • Collection of data - so large and complex
  • accumulates so quickly
  • difficult - store and process - traditional data software use
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16
Q

What is social data ? P205

A
  • likes, comments videos - social media platform upload
  • insight - customer behaviour
  • assist - market focusijng & developing products and services
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17
Q

What is machine data ? P205

A
  • Machine generated
  • any type of machine - medical equipment sensor , handheld scanners
  • well structured - easier to analyse
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18
Q

What is transactional data ? P205

A
  • daily transaction generated
  • data included - sales and purchases, payments and receipts
  • huge data - individual transaction - customer, suppliers , products
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19
Q

What are the five characteristics of big data , and what are they known as ? P206

A
  • Five V’s
  • Volume
  • Velocity
  • Variety
  • Veracity
  • Value
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20
Q

What is the volume characteristic of big data ? P206

A
  • Amount of data processed
  • increased over time
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21
Q

What is the velocity characteristic of big data ? p206

A
  • Speed of processing
  • close real-time as possible
  • certain circumstnaces - limited data real time, not large volume slow speed
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22
Q

What is the variety characteristic of big data ? P206

A
  • information obtained - different sources
  • internal information - customer transactions
  • external information - social media
  • variety = business sector dependent
  • mass market need to monitor - social media network consumer taste change
  • manufacturing no need
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23
Q

Aside from attaining data, how else is variety a characteristic of big data ? P260

A
  • way data is generatred
  • e.g. text, image , audio
  • big data algorithm - interrelationship output data - sort and process
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24
Q

How is veracity as characteristic of big data ? P206

A
  • accuracy of data
  • variety , volume, and velocity = increased inaccuracy risks
  • obtained - trusted source
  • data processed - bias , duplication , anomalies removal
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25
How is value a characteristic of big data ? P206
* Tranformed to valuable info * add value to business
26
What are the main benefits for a business using big data ? P207
* Attracting and retaining customers * focused markerting * gain competative advantage * identification of areas and potential risk * faster innovation * improved business process * fraud detection
27
How can attracting and retaining customers be a benefit from using big data ? P207
* Know - customer looking for * pattern identification - brand loyalty & maintain customer satification
28
How can focused markerting be a benefit of using big data ? P207
* Analyse trends = focused markerting
29
How can use of big data result in gaining a competative advantage? P207
* retaining customers & focused markerting = advantage over other businesses * improved decision making
30
How can identifying areas of risks stem from use of big data ? P207
* Analysing big data - Identify riskier areas * act on risk - before too great
31
How can faster innovation stem from use of big data ? P207
* Big data collected & analyse speed = business reaction speed taste & marerting trend change
32
How does improved business processes come from big data use ? P207
* streamline operations * process improvement - inventory management , supply chain , and distribution * business costs controlled
33
How does fraud detection stem from big data use ? P207
* Machine learning technologies * better fraudulent transactions detection * fraudulent purchases- stolen credit cards
34
What are the limitations of using big data ? P207
* Lack of knowledge and skill * Difficulties integrating from different sources * data protection * data security
35
How can use of big data lead to a lack of knowledge and skill ? P207
* skilled data professionals employment * kept up to date - data handling tools used * issue: * insufficient skilled professionals * lack of ongoing training
36
How can use of big data lead to difficulties intergrating data from different sources ? P208
* overwhelming data analysis tool * result - incomplete & inaccurate data
37
How can use of big data lead to data protection issues ? P208
* must ensure -Data protection adherence at all times
38
How do issues in data security stem from use of big data ? P208
* Large data collection = increased need for data security * sufficient resources- protect fron leaks, hacks, losses
39
What should be applied before big data is used ? P208
* Professional sceptism * professional experience - data analysis is not right -question results * further analysis - no assumption data correct
40
How wll smaller organisations with less resources analysis data ? P208
Use - professional data analytics companies
41
What are advantages and disadvantages of a smaller organisation using external sources to analyse data ? P208
* Cost reduction for business * Analytic company - no knowledge of business sector * basic knowledge of market - unless instructed * data protection reliance third party -data subject permission needed
42
What is data visualisation ? P209
* presentation of info - image , diagrams, graphs, table * usable way * summarises and simplifies - large complex information * useful - non financial management & staff
43
What are the different formats for visualising information ? P209
* Tables * Matrices * Graphs and charts * Diagrams * Images
44
What is a table for data visulation ? P209
* Simplest way presenting information * data in rows and columns * often spreadsheet generated
45
What are the advantages of using tables to present information ? P209
* Clear presentation * easy comparison of figures * pattern identification * anomalies identification * easy to prepare & understand
46
What are the disadvantages of using a data table ? P210
* too much data- overwhelming user & difficulty user processing * data gets lost - large table & key points unidentified * two dimensional - further analysis required - further table needed
47
What are matrices ? P210
Simplify info on table - colour, icons, pictures
48
What are the advantages of using a matrix to present data ? P210
* Key data stands out - no distractions * Visually appealing - less numerate/ financial users
49
What is the main disadvantage of using a matrix ? P211
lack of detail
50
What are the different tpyes of graphs and charts available for presenting data ? P211
* column and bar charts * pie charts * line graphs
51
What are columns and bar charts ? P211
* height of column / length of bar- presentation of info * several sets of data comparison - comparison of each variable * too many bars /columns / insufficient info = difficulty interpreting
52
What is a pie chart ? P212
* circle division to sector - proportion each part makes whole * visually present one set data value * can be exploded * percentage each proportion possible * doughnut
53
What are line graphs ? P213
* plots continuous data - insight to general trends * gap between 2 lines- information attained
54
What can diagrams be used for ? P214
* relationship between information * useful - movement of info through process
55
When may a business use an image to visualise information ? P214
* Reinforce message * e.g. house building before and after * support figures and increase message impact * No specialist knowledge of data
56
What does using the correct method of data visulation depend on ? P215
* **Who**? - strategic level ( graphs) / finance manager (table) * **What**? - type of data = way presented * **How**? - way presented - graphs and charts for presentation - tables for reports
57
What is a dashboard ? P213
* On compturised accounting software * built in functionality - presents data visually - graphs , charts
58
What are the advantages of using a dashboard ? P216
* easy to understand - smaller businesses ( owners / managers) - no financial background * customised - relevant info * realtime - info always up to date * on cloud based accounting system - access through any device , location
59
What is the purpose of visualising data ? P216
* Understand & not just read * relationship - different sets of information
60
What are the main methods of communication within a business ? p220
* Verbal communication - telephone calls and meetings * Written communication - paper based ( letters) / electronic (emails )
61
What are reports and what are the two types of reports ? P221
* Information communication - indiviuals, groups, people * routine reports - regularly - e.g. sale numbers * one off reports - e.g. performance of division
62
How should business reports be structured ? P221
* Title page - content, author, audience * Summary - conclusions & recommendations * Introduction - who requested, reason , completion date * Findings * Conclusions * Recommendations * Appendices
63
What are reports used for ? P221
communicate - internal stakeholder one off reports sometimes - external stakeholders
64
What are electronic forms of written communication ? p221
* Emails * Intranet and instant meeting * Social media
65
What should bussinesses be wary of when sending emails ? P221
* correct receipt * confidentiality maintianed * some - encryption function - only authorised viewing
66
What is paper based written communication ? P222
Business letter
67
ow should business letters be displayed ? P222
* House style/ uniform style * name , addreess , and details
68
What are form of verbal communication that a business can use ? P222
* Meeting * Telephone call
69
How should meetings be structured ? P222
* Agenda - clear on discussions/ presentations held * attendees contribution opportunity
70
What should the person holding the meeting be aware of ? P222
* Non- verbal signs * Body language
71
What can a business use social media for ? p223
* attract new custmer * existing customer engagement * corporate social responsibility promotion * maintain business reputation
72
What should a busienss be wary of when using social media, and how is this dealt with ? p223
* Content - no offence caused * ill judge post - negative affect business reputation * rules and guidance- use of social media * content reviewed before posting
73
How can a business maintain confidentiality with sending communication ? P223
Marked - private and confidential / deliver in person

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