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9 Cards in this Set
- Front
- Back
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PURPOSE OF INFORMATION
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1. Planning
2. Performance measurement 3. Decision making 4. Recording transaction 5. Controlling |
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TYPES OF INFORMATION
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1. Planning Information – For planning process
2. Operational Information – For day to day activities 3. Tactical Information – ST issues and opportunities 4. Strategic Information – For LT decision making |
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QUALITIES OF GOOS INFORMATION (ACCURATE)
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Accurate – No errors
Complete – Should include all needed info Cost –Effective - User-Integrated – Satisfies needs of the user Relevant – Omit unnecessary info Authoritative – From reliable source Timely – Available when needed Easy to use – Clear, concise... |
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SOURCES INFORMATION
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INTERNAL DATA SOURCES
Accounting/HR records, timesheets/staff communications EXTERNAL DATA SOURCES Formally gathered like market research Informally gathered tend to be ongoing, eg website info |
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HOW DATA/INFORMATION IS PROCESSED (CATIVA)
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For effectiveness, information processing should meet the CATIVA criteria.
Completeness – Relevant data is processed Accurate – All data is true and error-free Timeliness – Processing matches data availability and needs Inalterable – Data can be tampered with Verifiable – Clear data trail Assessable – Info produced can be challenged |
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PROCESSING SYSTEMS
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Information Systems: All systems to collect, store, produce and distribute info
Transaction processing systems – Performs/Record routine transactions Management Information Systems – Produces info allowing managers to manage Executive support system Decision support system Knowledge work system Intranet Extranet – Info distribution system |
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INFORATION SECURITY (ACIANA)
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INFORATION SECURITY: Quality of secure info systems exhibit ACIANA
Availability – Readily accessible info at all times Confidentiality – Access by those authorised Integrity – Data remains unadulterated Authenticity – From good reputable source Non-repudiation – User trust the info produced Authorisation – Changed made by those authorised only |
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USERS OF FINANCIAL INFORMATION
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Primary Users
1. Investors/shareholders 2. Lenders and other payable Other users 1. Employees 2. Customers 3. Suppliers, public, govt and its agencies |
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LIMITATIONS OF INFORMATION
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Standard Presentation – may contain non-relevant info
Historic Slant (backword-looking) – Often historic not firm basis for future decision-making Lack of qualitative information – No complete picture |
