Flashcards in Value and importance of information Deck (28):
When does information have value?
- Aids decision making and planning
- Monitors progress
- Aid targeting and strategy making / Gives a competitive advantage
- Spots trends
What is an example of: "Aids decision making and planning"?
If a manager of an electrical wholesalers knows a customer owes a great deal of money then he/she may ensure they pay in full before allowing any more goods on credit to that customer.
What is an example of: "Monitors progress"?
Call centres measuring the speed and quality of call centre operators to see how may orders they can process or how many problems they can solve. Slow or inefficient operators could be given the sack and good efficient operators could be given productivity bonuses.
What is an example of: "Aid targeting and strategy making to give a competitive advantage"?
A company decides to spend money on advertising in Area A because sales are slow and they want to revitalise the market. Companies like Cadbury World use postcodes of visitors to analyse where they are coming from. They then advertise in areas where few visitors are coming from, therefore hopefully expanding their customer base.
What is an example of: "Spots trends"?
A company could use historical records of barbeque food sales in hot weather to ensure they do not sell out in a current hot spell.
What are characteristics of good quality information?
- Correctly targeted
- Up to date
What does it mean for information to be accurate?
Accurate information is error free and a true reflection of what it represents.
Example: Wrong delivery dates could cause items to be delivered when customer is not available.
What does it mean for information to be correctly targeted?
Correctly targeted information should be presented to the people who need it.
Example: giving information about state pensions to young children; giving information about meat cutting techniques is no good for vegetarians.
What does it mean for information to be understandable?
Understandable information means the meaning of the information should be clear to the user.
Example: The level of detail and language used should reflect the user. If statistics in a report are too complicated for a manager they may make the wrong decisions about future sales strategies
What does it mean for information to be complete?
Complete information should include all the data needed to make a decision.
Example: Missing postcodes will delay delivery.
What does it mean for information to be relevant?
Relevant information should not be included if it has no bearing on the user's needs
Example: No point in collecting details on potential markets for sushi in Newcastle if you are going to open a sushi restaurant in London.
What does it mean for information to be up to date?
Information changes with time so it needs to be date stamped.
Example: If you use 10 year old mailing lists then letters may be sent to people who are dead this may upset their families.
When does direct data collection happen?
Direct data collection happens when a company gathers it's own information. This data may be gathered automatically or manually.
When does indirect data collection happen?
Indirect data collection happens when a company buys its information from another source, or pays a third party to collect the data.
What is automatic collection?
- Transaction of bar-coded item at an EPOS terminal
- Automated sensors gathering patient's vital signs in a hospital
- Automated school attendance register
What is manual collection?
- A customer completing a customer satisfaction survey form
- After voting at election time
How can information be found?
Information can be found through a Non-ICT source and an ICT source.
What are some examples of non-ICT sources?
Many organisations still use lots of paper-based information.
- A doctor's surgery, lots of patients data is still kept in large paper files the cost of transferring it to digital format would be prohibitive.
- Newspapers still provide much information about current affairs and comment from respected, educated journalists.
- Scientific journals inform about new directions in research, new forms of medical treatments and the results are published in journals that fellow scientists then can use as he basis for their research.
- Text books, a school may use text books to guide and assist students allowing them to read ahead if they want.
What are the advantages of paper based material?
- Often well researched and authoritative as much money and time has been invested in creating them.
What are the disadvantages of paper based material?
- Can go out of date very quickly
- Environmental impact of printing and moving the paper from location to location. Example: supplier to school.
What are some examples on ICT sources?
- Email experts or teacher: books may not include the required information.
- Using an internet search engine: keyword searches will reveal huge amounts of information
- Intranet: teachers may have put specialist/ useful information not found in textbook
- CD ROM: compiled by a subject expert
What are the advantages of ICT sources?
- Up-to-date information available very quickly
- large amounts of information, you should be able to find information at correct level
- Can copy and paste images (if copyright allows) to enhance your work
- Videos can help explain difficult ideas
What are the disadvantages of ICT sources?
- Some web pages may be too detailed and end up confusing people/students
- Some web pages may contain incorrect information
- Too much information can make people/ students feel overloaded and confused about where to start
What are the three main cost categories?
(Cost and Human Resources)
- Human resources
Information about what there is cost in.
- There are direct costs in obtaining information
- There are costs in processing data
- There are costs in ensuring that data is up to date
Information on: Financial (money) - data collection
New staff have to be employed to go an ask people questions or a market research company has to be employed.
The company often pays for an incentive is given to encourage people to respond.
Example: Your name being entered into a free prize draw if the form is completed and returned
Information on: Time - processing
Time taken to enter data/ time taken to check data on the system.
Example: Entering datasheets of school registers into OMR scanner.