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Summary Unit 26 - Managing Business Information 21011c
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Unit 26 managing business information
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L3 Btec National Extended Diploma in BusinessUnit 26: Managing Business Information
Subject Teacher: Silver King
Klein Luyindula
Homework 1 – Independent Study
Unit 26: Managing Business Information
Homework Set Monday 25th January 2021
Completed by Monday 1st February 2021
This piece of homework relates to your assignment assessment;
specific to grading criterion listed below: -
P1: Describe the characteristics of information needed in a selected organization.
P2: Explain the sources of information needed in a selected organization.
P3: Describe how information is used for different purposes in a selected organization.
M1: Explain how information is used for different purposes in a selected organization.
Your Homework Direction
Types of information in which I have researched would be management information
systems and transaction processing system.
-Management in information systems (MIS) refers to the study of humans, technology,
organizations and the relationships between them. MIS helps firms to realize the maximum
benefit from the investment in personnel, equipment and business processes.
- Transaction processing systems refers to computer hardware and software hosting a
transaction-orientated application that performs the routine transactions necessary to
conduct the business. Examples of TPS includes that manage sales order entry, airline
reservations, payroll, employee records manufacturing and shipping.
1. The Importance of Information to Organizations
-The importance of information to organizations refers to the organization records of its
activities for financial and regulatory purposes as well as finding the causes of problems,
taking the correct actions and being able to make crucial decisions. The information system
stores documents and revisions histories as well as communication records and operational
data.in other terms information can be specified as a compulsory element to be used in
decision making within organizations. Decisions which are made in organization's can be
divided into two categories such as strategic and operational and each types of decision are
associated with relevant information needs.
1. Types of Information Used in Business Organizations and their Characteristics.
i. Qualitative data
1
, L3 Btec National Extended Diploma in Business
Unit 26: Managing Business Information
Subject Teacher: Silver King
Klein Luyindula
-Qualitative data refers is based on opinions, attitudes, beliefs and intentions.
Qualitative data aims to understand why customers behave in a specific way or how
they may response to new product. Given that these opinions are often obtained from
small number of people in which the findings are not necessarily statistically valid.
However, such data can highlight potential issue which can be explored in quantitative
research. Examples of qualitative data can include focus groups, one to one interviews
and observations.
ii. Quantitative data
-Quantitative data is refers to all the numbers for instance it uses mathematical analysis
and data to shed light on important statistics about the business and their market.
Examples of quantitative data can include a company's financial data and marketing
returns with statistical data on demographic.
iii. Primary research
-Primary research refers to field research in which a business undertakes itself. It
involves collecting new data and information that has not been collected before.
Primary research provides a business with customized research that is specific to its own
circumstances. Examples of primary research I can include would be face to face and
interviews.
iv. Secondary research
-Secondary research is a type of research that has already been compiled, gathered,
organized and published by others. It includes reports and studies by government agencies,
trade associations or other businesses in your industry. Example of secondary research in
which I can list are textbooks, encyclopaedia's, news articles, webpages and internet
browsers.
2. Sources of Information Used in Business Organizations
a. You must extend your writing to display what the function of each source is within
an organization.
i. Internal Information
1. Financial
-Internal information of financial refers to an organization such as Foxtons estate
agents who use financial information in order to make day to day decisions. The
main user of financial information would include employees such as the managers
and HR who access the information to confirm past financial reports and to help
create plans for future activities. Sources of financial information I can provide would
be Foxtons balance sheet, an income statement and cash flow statement.
2. Marketing
- Internal information of marketing refers to the promotional side of Foxtons visions,
goals, culture and mission statement within their organization which why it is
important to a large organization such as Foxtons because their employees need to
understand how to satisfy customers requirements in order to achieve the business
2
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