Cmi 5002 Part 1 & 2 Living Doc
Business and Management
Submitted By icsrkh
1. Be able to identify and select sources of data and information
1.1 Discuss the nature of data and information
Before actually looking at the nature of data and information it is important to note that information is a subset of data in that it has a use for the user; as the name implies it informs the user about some subject, but for another person without a use or understanding it is simply data. It is easy to lose the information in the enormous quantity of data available today from many sources especially the internet and additionally to take data presented electronically as being fact whereas in reality it bears little similarity to the truth.
In earlier days going to the library and reading a book was a guarantee of receiving information pertinent to the time the book was written. Few, if any, factual books were printed without the information within, being verified by some body. Today on the internet a huge majority of the data presented is not verified and is very unreliable.
There are many different types of data but fundamentally these can be reduced to two types:
Quantitative: This is the easiest type of data to handle as it has a quantity associated to it be it weight, height, length, frequency, speed… All terms people immediately associate to and given a method the data will always produce the same result.
Qualitative: This is a much more difficult data type to handle as it is subjective, which is the better for you, which is more colourful, who will win the cup, why did you choose rice…
One key trick with respect to qualitative data is to find a method to transform this into quantitative data. Although this is not always possible directly, there is always a way to make qualitative data have a value. Here an example:
To the question what is your favourite car colour the answer will be a colour and that is qualitative. Taking the answers of 1000 respondents it is then possible to create statistical information simply by adding the number of respondents that likes each colour. In this way it would be possible for example to say that the best 3 colours for a car are 1. Blue 2. Red 3. Silver.
Well that is what the AA say according to their website*
How trustworthy is that information? We can see later!
1.2 Evaluate relevant sources of data and information
Having said that data falls into two core types we can split this again to reflect the collection method. This is an important attribute as this reflects the confidence in the data and the confidence that the data fits the requirement.
The two data collection methods are referred to as:
Primary data: - This is collected by you or by an agent on your behalf for a specific purpose and the data collection structure and method has been designed and / or agreed by you.
Secondary data: - This has been collected by someone else for their specific purposes but they make it available to you and it is up to you to interpret this to suit your needs. It needs to be handled with care as the data might be invalid. For example a car tyre manufacturer who wants to know the likely take up of winter tyres in Norway who uses a data collection for winter tyre take-up done the previous year. Only on inspection do they notice the location of the data was California which does not fit the weather conditions to be found in Norway nor the legal requirements.
Secondary data is by far the most common type of data because it is generic and is not restricted to a specific requirement. The only problem with secondary data is getting the right fit as seen in the example above. Sources of Secondary data typically include: * Survey Information * Reference Books * Journals * Databases of information
And most importantly * secondary data from within your own organisation. This is particularly relevant because the target organisation is the same and the quality of the data is guaranteed due to it being created by colleagues – the only real worries are the age of the data and how accurately the data fits the need.
Primary data additionally comes in two forms; formal and informal. Informal
1.3 Discuss the criteria for selection of data and criteria
1.4 Identify the legal requirements relating to the collection, use and storage of data and information
2. Be able to analyse and present information to support decision making 2.1 Evaluate the decision making models which are used to support decision making
2.2 Identify those to be involved in analysing information and decision making
2.3 Evaluate methods of decision making
Unit 5002 Marking Scheme v01 Page 1 of 2
3. Be able to communicate the results of information analysis and decisions 3.1 Evaluate methods of communicating decisions made
3.2 Discuss the process for implementing a communication method
3.3 Evaluate the implementation of a communication method
The learners overall knowledge within the subject is:
•Accurate, current and attributed to appropriate sources
•Relevant in depth and breadth
The learners understanding demonstrates:
•Clear grasp of concepts, theory and techniques
•Ability to relate the above to practice in a clear and realistic way
[ 1 ]. http://www.theaa.com/cbg/goodadvice/commongoodadvice.jsp?menu1=0&menu2=1&fileName=colour