Topic 2 - The value and importance of information

Decision Making

• The more relevant information there is to making the decision, the less risk there is
• Simulations can be performed using what if scenarios using the information to arrive at a decision

Monitor Progress

• See how performing against targets set
• Sales staff can judge their performance using info from previous years
• Monthly sales figures can be compared with previous monthly sales figures

Targeting of Resources

• Creating production schedules
• Planning projects
• Stock control systems - ensure that stock is always available

Competitive Advantage

• Use market research from customers to see why they choose the company
• Ensure that customer orders are always satisfied - accurate stock info

Data Collection

HRC - The cost of employing people to design the data collection forms

TC - The setting up of questionaires to collect data

FC - Costs of specialist staff to collect data from other systems

Data Entry

HRC - The cost of training staff to enter the data

TC - Entry of data, especially using keyboards slows down the whole process

Processing

HRC - Staff will be needed to oversee the batch processing using OMR for the questionaires and deal with rejected forms

FC - Data may need to be transferred from one place to another usign expensive communciation

TC - Processing takes large amounts of time and takes staff away from doing other jobs

Maintenance

HRC - Staff have to be employed to keep the hardware running and update software when there are bugs or when legislation changed

FC - Consumable costs such as printer paper and ink cartridges

TC - The backing up of large amounts of data is needed but takes time