In this document you will get """P1 Different stages are involved in the process of decision-making for data modelling""" . ""P2 Features of spreadsheet software to support data modelling"" . ""M1 Features of spreadsheet software contribute to the decision-making process"".
""" Excellent Work"". M...
Data Modelling P1,P2 And M1
P1….. Different stages are involved in the process of decision-making for data modelling
P2…. Features of spreadsheet software to support data modelling.
M1…. Features of spreadsheet software contribute to the decision-making process
P1
Different stages are involved in the process of decision-making for data modelling
Introduction
This report is about how decision-making helps the cheese company to predict future sales.
1. Understanding the scenario
To make a good and accurate data model you must understand the scenario and it helps
you understand what your spreadsheet needs to be able to do.
You should know who wants a spreadsheet, what they want to do with that.
For example: Import cheese company want you to make a model which predicts the future
sales of the cheese. The model should calculate how many cheeses are sold, profit and
predict the outcome of different situations.
2. Identifying information and sources
For this stage in the decision-making process, you need information for the data model. First
you must identify the problem and make the decision on how to solve it. Find relevant
and reliable information for the model.
. Information Required
Information plays a significant role in decision-making. Even in the small decision, we need
information. So, before you make a data model you need all information that is required for
the spreadsheet, for example: you must know the information which is given to you by the
cheese company including the costs of the product that they are selling and other important
information which will help you in the decision making.
. Information that is already available
In the scenario, some of the information will be available for your data model. To make the
correct model you must read the scenario to identify the information.
For example: we already know they use the currency euro to buy the cheese from France
and Netherlands.
Unit 5 Data Modelling
, . Additional information needed
When you are making the model, you will need additional information which is not provided
in the scenario. You will need to find out where can you find this information which will help
you in the decision-making.
For example: we need to find what other companies are selling the same cheese at the
same rate or different or you could need to find how much customers are willing to pay. To
find this information you might need to visit the store or website of the other sellers. Or you
can make the survey for the people which is the best price for them.
. Sources of additional information
You must need to find the accurate sources of additional information that you will need for
your data model in the spreadsheet. If these sources are from the internet, then you need
to clarify whether the information is true or false. The best way is to identify the sources of
the information is to ask managers or the employees of the cheese company.
Requirements for verifying the information sources
When you are making the data model you must use all the information accurate and reliable
so then you can be confident that your model is accurate and useful for the company.
To do this, find out who has provided the information and is it accurate. If you have any
confusion research the information.
3. Factors affecting the quality of information
Factors affecting the quality of the information are the currency of data, the accuracy of
data, and external factors.
. Currency of data
The currency of data means how the latest and updated your data is. Old data is less useful
than the up to date. Use up-to-date data for accurate and useful information and help you
in the data model.
. Accuracy of data
If the data, you have identified is accurate then the data model will be accurate and useful.
Inaccurate information will cause errors in the data model and produce poor results which
are not useful.
. External Factors
An external factor is a data that is outside of your data. The external factors affect your
information that tells the quality of information.
For example: There is a company that is selling clothes. They can predict future sales by
using a data model for their product based on the sales from the last ten years. An external
factor is if the cheese company makes the new model with very similar requirements. Then
Unit 5 Data Modelling
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller assignments2478. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £7.99. You're not tied to anything after your purchase.
