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Value and importance of information (Examples of costs - data entry (Human…
Value and importance of information
Good information - why?
Controlling
Forcasting
Planning
Directing
Examples of costs - data entry
Hardware costs
Spending money in automated methods of data entry
Bar coding
Optical mark reading
Speech recognition
Human resource cost can be lowered
Financial costs
May have to pay an outside firm to back up data
Data may need to be transfered
Consumables (e.g printer ink)
Data collection costs
Travelling costs
Costs of staff
Employ someone to design forms
Cost of paying third parties
Employing experts to collect data using forms
Human resource cost
Training costs
Cost of staff performing data entry
Specialist staff for programming
Cost of questionaires being processed
Staff to analyse data
May have to pay a programmer to help reprogram software
Specialist staff maybe need to give instructions to database
Cost of processing and maintaining data
Keeping backups - for security
Keeping it up to date
Small changes to the structure of the program or database so relavent processing can occur.
Time Costs
Entering data using a keyboard
Reports take time to be created and analysed
Backing up data
Quality Chracteristics
Level of detail
Presentation
Relavance
Comepleteness
Accuracy
Age
Garbage in garbage out (GIGO)
Monitor progress
Competitive Advantage
Aids decision making
Data Collection
Indirect
Data which is obtained from a third party
e.g.A store collects information about the increase in sales as a result of an advertising campaign for a certain product.
Direct
Data collection directly by the organisation
e.g. A store uses a market research agency to obtain information about what product/brand is popular with consumers