Using Information

P1, P2 - Task 1

P1


Market


Market information is used to define advantages and disadvantages. The meaning behind market research is to see how the marketing mix affects the customer behavior. This kind of information is also used to find out the current trends in the current market.


Purchasing

Purchasing information is Used by organisations to keep track of purchasing orders made by the organisation. This information will have the company who supplied the organisation with what they want, it will also have the price of the products as well as how often they are purchased by the organisation.


Manufacturing

Manufacturing information is the kind of resources and the material that the organisation may need to create products, it will also have the timescale of when they should be finished creating the product.


Finance

Finance is the information based on pretty much anything to do with money making it one of the most important. Finance covers income of the organisation, it covers the revenue of the organisation, is covers the assets that the organisation has, any costs money that the organisation is spending as well as future spending and any future investment that the organisation may have.


Personal

Personal information is all the information about the people that the organisation have employed. It will consist of information like the qualifications of the employees (grades certificates, etc). It will consist of the skills that the employees have and there role (job) in the organisation.


Sales

Sales information links in with finance as it is information of the organisations sales. it will consist of the sales history and trends in the sales history.


Administration

Admin is where all the information is processed and stored. All if not most information goes through the administration to be stored.


Quantitative and Qualitative research


Quantitative-Quantitative research is where the information is number based and can be displayed in a chart or graph.


Qualitative-Qualitative research is where the information is based on people’s opinions, this research can be displayed a table.


Primary and Secondary research


Primary Research-primary research is a collection of original data; examples of this research can be where you hand out questionnaires do interviews or have a focus group. Primary research can be seen as more accurate than secondary research, as you receive the information specific to your topic.


Secondary Research-Unlike primary research where you do your own specific topic, secondary research has already been done by an external party, it is more of a summary of research which already exists, examples of this can be; newspaper, internet forums, websites, books.



P2


Valid

Before gathering information on something make sure that the information is valid that it is the kind of information needed before gathering it and using it or storing it.


Reliable

It is also a good idea to make sure that the information is from a reliable source. Check to see of other sources give the same or very similar information to give the information much more credibility.


Timely

Timely information is information that is always and easily accessible for the one who needs it. This information is used for dissension making.


Fit for purpose

This is information give for what is is being used for. What the information will consist of depends on what the person intent is for it.


Accessible

Accessible information is information the you may need to have access to at all times in order to do business. It is valuable information the you may always have on you person.


Cost effective

Cost effective information is information that has made the organisation profit for the cost of gathering the information. Manly in decision making is the profit achieved.


Accurate

Accurate information despite its name does not need to be completely on point, it just needs to be accurate enough for the person using it to make accurate calculations using said information.


Relevance

The information give must be relevant to the one who uses it. If it is not then it is completely useless to the one that is uses the information.