Types of data sources
Types of data sources
1. Evaluate relevant sources of data and information and discuss the criteria for selection of data and information. There are several different types of data sources for example there are primary sources of data which would be original documents, original research studies (peer reviewed), case studies. Secondary data is data collected from someone other than the user for example a biography of an individual would be secondary data compared to the person’s auto biography. There is also tertiary data which is a combination of both primary and secondary sources of data. Relevant sources of information tend to be sources that are reliable and credible. There are two basic types of information which are quantitative and qualitative. Quantitative information is expressed in figures which will answer questions such as, how likely? How long? How many? Etc.
Qualitative information expresses information that cannot be measured in a numerical formation and answers questions such as How? Why? What? For example the quantitative data of a product would tell the user the diameters of the product, how much the product weighs etc. This information would be useful for say the packaging department but to the advertising department this information would only have so much use they would need qualitative data about said product in order for them to sell it Joint and by product costing – There are different methods to allocate costs within a production process for example a process may produce three different products x y and z, the costs for this process would be allocated to each individual product based on the amount of each product that is produced in one run of this process and the costs may be allocated in different ways such as weight produced or the net realisable value (selling price) of each product and apportioned this way. The most appropriate method of cost allocation will inform management which product or products are generating a profit or a loss and this information would be used to make decisions as to continue certain processes of products.
Variance analysis of costs i.e the difference between actual expenditure and budgeted expenditure, would generate quantitative data such as the differences between the two figures however it would not example HOW this happened so without the qualitative data on HOW this happened giving management more useful information to work with to improve the adverse variances .
The criteria for the selection of data and information would be as to whether it is relevant, reliable,
The rational model proposes that people follow a rational, four step sequence when making decisions. The four steps are: * Indentifying the problem * Generating solutions * Selecting a solution * Implementing and evaluating the solution
The normative model suggests that decision making is characterised by; * Limited information processing – there is a limit to how much information a person can manage. * Judgemental heuristics – shortcuts are used to simplify decision making. * Satisfying – choosing solutions that meet minimum requirements and are “good enough
3 – Evaluate methods of communicating decisions made and discuss the processes for implementing and evaluating a communication method Oral Communication: Oral communication could be said to be the most used form of communication. Whether it is to present some important data to your colleagues or lead a boardroom meeting, these skills are vital. We are constantly using words verbally to inform our subordinates of a decision, provide information, and so on. This is done either by phone or face-to-face. The person on the receiving end would also need to exercise much caution to ensure that he/she clearly understands what is being said. This shows therefore, that you would need to cultivate both your listening and speaking skills, as you would have to carry out both roles in the workplace, with different people.
Written Communication: Writing is used when you have to provide detailed information such as figures and facts, even while giving a presentation. It is also generally used to send documents and other important material to stakeholders, which could then be stored for later use as it can be referred to easily as it is recorded. Other important documents such as contracts, memos, and minutes of meetings are also in written form for this purpose. It can be seen in recent years however, that verbal communication has been replaced to a great extent by a faster form of written communication, and that is email. You could also use videoconferencing and multiple way phone calls with several individuals simultaneously. Apart from a few glitches that could occur, these methods of communication have helped organizations come a long way.
Body Language: Although the most common methods of communication are carried out orally or in writing, when it comes to management techniques, the power of non-verbal communication must never be underestimated. Your smile, your gestures and several other body movements send out a message to the people around you. You need to be mindful of this while dealing with your employees and customers. Always remember to maintain eye contact. This would show that you are serious and confident about what is being said.
University/College: University of Chicago
Type of paper: Thesis/Dissertation Chapter
Date: 29 September 2016
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