2. BM Unit 1 - LO21 Higher Business Management Business Enterprise Learning Outcome 2 Business Information & ICT

3. BM Unit 1 - LO22 What is Information? Data zfacts or quantities which have been assembled in some formal manner Information zData that has been processed into a form that will assist in decision-making and planning Information or Data?

4. BM Unit 1 - LO23 Sources of Information zPrimary - gathered first-hand for specific purpose (interview, questionnaire) zSecondary - second-hand - gather for one purpose but re-used for another (government statistics, books) zInternal - within the firm (own records - accounts) zExternal - outwith the firm (competition)

5. BM Unit 1 - LO24 Costs and Benefits of Sources SourceCost (disadv)Benefit (adv) PrimaryCost of collecting Time consuming First hand specific Secondar y Relevant? Bias? Out of date (timely) Inexpensive Wide variety Easy to source InternalEasy to find Accurate records ExternalBias/integrity? Available to all! Wide range Look at PESTEC

6. BM Unit 1 - LO25 Types of Information zQuantitative  information which is definable, measurable, usually in figures (good when comparing targets to results!) zQualitative – descriptive information, often with opinions and judgements. (Useful for getting views on products, etc!)

7. BM Unit 1 - LO26 Types (format) of Information zWritten - text zOral - the spoken word zPictorial - ‘a picture speaks a 1,000 words’ zGraphical - pie charts, etc zNumerical - the actual figures

8. BM Unit 1 - LO27 The Value of Information zAccuracy yTimeliness zCompleteness yAppropriateness zAvailability yCost effectiveness zObjectivity yConciseness. High quality information must have:

9. BM Unit 1 - LO28 ICT in Business zMainframes zMini-computers zPCs zInternet: WWW email zComputer networks: LANs WANs zMulti-media zTeletext zVideo-conference zwebcams zFax zEPOS

10. BM Unit 1 - LO29 zWord processing (WORD) zDatabases (ACCESS, YELL) zSpreadsheets (EXCEL) zDesktop publishing (DTP) zPersonal productivity (OUTLOOK) zPresentation (POWERPOINT) zComputer aided design (CAD) ICT in Business

11. BM Unit 1 - LO210 Uses of ICT in Business Decision-making zInformation gathering zData processing (speed) zPresentation of information zWorld-wide communications Production zProduct research, design and testing zTQM zJ-I-T Stock Control – bar codes zCAD zCAM - robotics, CNC lathes, cutting, printing, robots, etc

12. BM Unit 1 - LO211 Costs and Benefits of ICT Costs zHard/software costs zInstallation costs – technicians, cabling zTraining of staff – cost + loss of output zNeed to update zPossible data loss zIndustrial espionage - hacking zHealth and Safety concerns – eye strain, rsi

13. BM Unit 1 - LO212 Costs and Benefits of ICT Benefits zSpeed of data handling zFlexibility – integrated systems zIncrease in productivity + reputation zCompetitive advantage – only when ICT is new! zReduction in staff costs – capital intensive zLocation less important- choose cheapest? zFacilitates home-working zCall centres - customer service and tele-sales

14. BM Unit 1 - LO213 Data-Protection Legislation Business must: zObtain and process info fairly and lawfully zRegister the purpose (why they need it) zNot disclose zGive (if requested) copy to person (and edit if wrong) zHold only accurate info (up-to-date) zNot hold for longer than needed zKeep safe

15. BM Unit 1 - LO214 Legislation Read supplementary notes on: Freedom of Information Act 2000 Computer Misuse Act 1990 Data Protection Act 1998