the value and importance of information

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  • Created by: Josh98
  • Created on: 09-03-15 17:08
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  • the value and importance of information
    • managers and information
      • why managers need information
        • controlling
        • directing
        • forecasting
        • planning
        • higher levels of management
          • strategic planning, market share, cash flow, profits, growth of profits
        • lower levels of management
          • day to day management, allocating work sub routines, arrangement of staff rotas, motivating staff, handling department budget
      • how information aids decision making
        • the more relevant the info the better the decision will be made
        • info allows a manager to take remedial action
        • simulations can be performed
      • using info to monitor progress
        • systems can be used to see things such as how well companies are doing against targets etc
      • using information to target resources
        • you can see what you do and don't need such as money, human resources, time, hardware, software and materials
      • the competitive advantage info gives
        • ensure that the customers orders are tended to
        • anticipate customer demand of products
    • the importance of up-to-date, accurate and complete data.
      • up to date
        • if the info begin kept is personal it must be constantly updated due to peoples lives changing all the time e.g. marriage etc.
        • legal requirement - data protection act 1998
        • a letter could be sent to someone who is deceased causing some upset
      • accurate
        • GIGO
        • misreading and misspelling must be avoided or transfer of data can be wrong
      • complete
        • an order may only be partly complete causing confusion when the order is put through

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