|CMI Candidate Number: |
|Centre: Premier Partnership |
Unit 5002 – Information based decision making
1. Explain and provide examples of the differences between data and information, and describe at least three different sources of management data and information. Prepare a chart to evaluate ...view middle of the document...
E.g.1) Spending by visitors to the UK in figures is raw data. When sifted to find specific data on Brazilian visitors and organised to show spend year on year that data becomes information. Providing the organisation has the required knowledge it may find trends showing an increase or decrease in spending by Brazilian visitors according to specific government policies or macro-economic occurrences.
E.g.2) A list of Business Wins (commercial contracts where company has recognised support received from HM Government) by UK companies is data. When sorted it can be used to provide information on team, sector or region performance by comparing results within a specific period. Experts may be able to use this to suggest changes to working practices and improve performance.
The UK Government set itself a target of increasing exports to £1 trillion by 2020. HMG Brazil proposed an action plan to increase exports to Brazil. In order to do this data and information could be taken from a range of sources including:
a) UKTI’s CDMS: database of HMG supported Business Wins by UK plc.
b) HMRC’s export statistics: export data sortable by region, sector, and period.
d) Company intelligence: interviews on personal experience of exporting to Brazil.
e) Academia: existing studies into trade trends.
f) EY tailored report: commissioned study by commercial partner.
g) Export strategies: existing government policy.
h) Economics Team: in house resource for modelling.
1.2 Evaluate relevant sources of data and information
|Source of evidence |Pros |Cons |
|CDMS |Cost and time effective as quantitative data is|Limited pool of information relating to |
| |already available to the organisation and in a |Business Wins only and not all exports. |
| |format that can easily be searched and collated|Qualitative information including comments and |
| |into reports |statements by companies must be extracted |
| | |manually |
|HMRC |Data is very relevant to the subject matter and|Not easy to break down into sectors applicable |
| |can be confirmed as reliable |to the required research |
|Company intel |Interviews could be structured to obtain |Would not be cost or time effective to conduct |
| |maximum relevance |the substantial pool of interviews...