What is data?
Data consist of numbers, letters, symbols, raw facts, events and transactions which should be recorded but not yet processed into a form that is suitable for making decisions
What is information?
Information is stated that has been processed in such a way that has a meaning to the person that receives it who may then use it to improve the quality of decision-making
What are the characteristics of good information?
ACCURATE
What are the three levels of planning and control within an organisation?
Strategic planning
Management control
Operational control and planning
What are the key characteristics of strategic planning?
Take place at the top of the organisation
Cassandra setting a future course of action for the organisation
Long-term forecast
What are the key characteristics for management control?
Concerned with the effective use of resources to achieve targets set as strategic planning
Budgetary measures
Productivity measures
Labour statistics
What are the key characteristics of operational control?
Concerned with the day-to-day implementation of the plans of an organisation
Inventory levels
What are the three types of management?
Strategic
Tactical
Operational
What is the strategic level of management?
Requires information from internal and external sources
Strategic information would relate to the long-term strategy on the companies market shares which in turn informs the production plan
The tactical level of management requires
Information owned instructions from the strategic level of management, together with routine and quantitive information from the operational level of management
The information must be detailed and precise
The operational level of management requires
Information and instructions from the tactical level of management
Primarily concerned with the day-to-day performance of tasks
Most of the information is obtained from internal sources
What are the types of information systems at different levels?
Executive information system
Decision support system
Expert system
Transaction processing system
What is executive information system?
For senior executive
At strategic level
User-friendly internal and external information
Option to drill down to obtain detail
What is decision support system?
It’s management decisions
At tactical level
System predicts possible consequences of possible scenarios
Managers, then use judgement to make decisions
What is expert system?
Hold specialist knowledge, e.g. law taxation
At operational level made, but can be used elsewhere
And non-experts can utilise for device/assistance in decision-making
What is transaction processing system?
Routine business transactions
At operational level
What is big data?
A time for a collective of data which is so large it becomes difficult to store and process using traditional databases and data processing applications
Big data will often include what
Much more than simply financial information and can involve other organisational data which is operational in nature along with other internal and external data which is often unstructured informed
Where can big data come from?
Anywhere, data generated by the company itself is known as internal data data generated elsewhere as known as external data
Examples of internal sources
Accounting system
Website tracking data
Call Centre logs
Example of external sources
National data
Industry data
Social media
What are the characteristics of big data?
Velocity
Volume
Variety
Veracity
Value
What is velocity?
the speed at which data is generated, collected and processed. - needs to be real time info or close to
What is volume?
Alot of data from alot of sources
