Unit 3.3/4.3 Information in Decision Making

1. Unit 3.3/4.3Information in Decision Making 3.4 How do businesses operate

2. By the end of the lesson, you will understand • How information helps decision making • That there are different types of information • Methods of communicating information 3.4 How do businesses operate

3. How Information helps Decision Making • How will Helen decide whether to open on Sundays? • How will Asda decide whether to open a new store in Tobermory? Information used to decisions like the above must be ACCURATE and UP-TO-DATE. 3.4 How do businesses operate

4. Different Types of Information • There are 4 main types of information that you must be aware of: • Primary • Secondary • Internal • External 3.4 How do businesses operate

5. Primary Information • This is information gathered by the organisation for a specific purpose. For example, getting feedback from staff or customers by using a survey 3.4 How do businesses operate

6. Secondary Information • This is information gathered from published sources outside the organisation. It may not be used for the purpose for which it was gathered. For example, Asda may look at published population figures to decide whether to locate a new store in a particular area 3.4 How do businesses operate

7. Internal Information • Gathered from within the organisation. For example the company sales figures for the last 3 years 3.4 How do businesses operate

8. External Information • Gathered from outwith the organisation. For example newspaper articles. 3.4 How do businesses operate

9. Different Forms of Information 3.4 How do businesses operate

10. How to Communicate Information 3.4 How do businesses operate

11. Quick Quiz Primary or Secondary 3.4 How do businesses operate

12. Internal or External 3.4 How do businesses operate