2. BM Unit 1 - LO21 Higher Business Management Unit 1 Learning Outcome 2 Information & Information Technology

3. BM Unit 1 - LO22 What is Information? Information n Data that has been processed into a form that will assist in decision- making and planning Data n Collections of facts or quantities which have been assembled in some formal manner

4. BM Unit 1 - LO23 Sources of Information n Primary - gathered first-hand (interview) n Secondary - second-hand (government statistics) n Internal - within the firm (accounts) n External - outwith the firm (competition)

5. BM Unit 1 - LO24 Formats of Information n Written - text (can be difficult to interpret) n Oral - the spoken word (misunderstandings!) n Pictorial - ‘a picture speaks a 1,000 words’ n Graphical - pie charts, etc n Numerical - the actual figures

6. BM Unit 1 - LO25 The Value of Information n Accuracy n Timeliness n Completeness n Appropriateness n Availability n Cost effectiveness n Objectivity n Conciseness. High quality information must have

7. BM Unit 1 - LO26 Examples of Information Technology n Mainframes n Mini-computers n Computer networks n LANs n WANs n Internet n E-mail n Multi-media n Video-conference n EPOS

8. BM Unit 1 - LO27 Uses of Information Technology in Business Decision-making n Information gathering n Accounting processes n World-wide communications n Data processing n Database management n Text processing n Presentation of information n Time-management Production n TQM n J-I-T Stock Control n CAD n CAM - robotics, CNC lathes, cutting, printing, etc

9. BM Unit 1 - LO28 Costs and Benefits of IT Costs n Hardware costs n Installation costs n Training of staff n Need to update n Possible data loss n Industrial espionage n Health and Safety concerns Benefits n Speed of data handling n Flexibility of systems n Increase in productivity n Competitive advantage n Reduction in staff costs n Location less important n Facilitates home-working n Call centres - customer service and tele-sales

10. BM Unit 1 - LO29 Computer Software for use in Businesses n Word processing n Databases n Spreadsheets n Desktop publishing n Personal productivity n Presentation n Decision-making

11. BM Unit 1 - LO210 How Businesses use IT n You should have a working knowledge of most of the software packages mentioned and be familiar with the jargon and related terms n Prepare a PowerPoint presentation to introduce yourself to the rest of the class. Include photos and/or clip art