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12 Cards in this Set
- Front
- Back
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Describe two ways that having good quality information can add value to a company other than supporting the decision-making process
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Monitoring progress and Targeting of resources to gain a competitive advantage.
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Give an example of monitoring progress
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Supermarkets check on the speed and accuracy of till assistants and can then decide whether to reward or reprimand.
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What is targeting of resources to gain a competitve advantage?
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Advertising and marketing and a product should be aimed at people likely to buy it otherwise it is a waste of time and money. Information can tell an organisation how well it is doing compared to its competitors.
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Give an example of targeting of resources to gain a competitve advantage?
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Information from research is used to identify gaps in a particular market which can then be filled by developing a new product.
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What are the costs associated with gathering good quality information?
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Data collection, Data entry, Data processing, Data maintenance and Training staff.
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Give an example of data collection
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Often companies have to give prizes to get peole to return questionnaires ir purchasing information from other companies.
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Give an example of data entry
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If data is keyed in, this takes time and operators have to be paid to do it or purchasing of OMR equipment.
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Give an example of data processing
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Hardware and software need to be purchased to turn the data collected into information.
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Give an example of data maintenance
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An organisation might maintain a database of its customers. The database will only remain accurate and up to date if any changed to customer details are reported and the appropriate records amended. i.e someone has to contact the customers.
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Give an example of training staff
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To carry out interviews or process data.
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What is the difference between accuracy and validity of data.
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Data may pass any range or format (or other) validation checks but it may not be correct.
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Give an example of the difference between accuracy and validity data.
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A customer completes a form with their correct DOB; 05/06/84. A data entry clerk makes a transcript error and types in the numbers the wrong way roung; 06/05/84. Both would pass the range check to see that they are over 18 but only one of them has an accurate DOB for the customer.
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