MWI

NVQ Level 05 - Semester 1 - Information and Communication Technology - 2019

Manage Workplace Information

Answer any five (05) questions including the question no. 1

Question - 1

Improving Information Management practices is a key focus for many organizations, across both private and public sectors. Effective information management is not easy. There are many systems to integrate, a huge range of business needs to meet, and complex organizational issues to address.

i. Define the terms of “Data and Information”

Data is a raw and unorganized fact that required to be processed to make it meaningful. Generally, data comprises facts, observations, perceptions numbers, characters, symbols, image, etc.

Information is a set of data which is processed in a meaningful way according to the given requirement. Information is processed, structured, or presented in a given context to make it meaningful and useful.

ii. Name four characteristics of good information?

1. Accurate
2. Reliable
3. Timely
4. Fit for purpose
5. Accessible 
6. Relevant

iii. What are the four main components of an Information Management?

1. Hardware
2. Software
3. Networks
4. Databases

iv. What are the four main function of an Information System?

1. Input
2. Storage
3. Processing
4. Output

v. What are the main three categories of Information System?

1. Data Processing Systems (DPS)
2. Management Information Systems (MIS)
3. Decision Support Systems (DSS)
4. Executive Information System (EIS)

Question - 2

Policies and procedures are an essential part of any organization. Together, policies and procedures provide a road map for day to day operation. They ensure compliance with laws and regulations, give guidance for decision making and streamline internal processes.

i. Define the Policy, Procedure and Law?

A policy is a formal statement of a principle or rule that members of an organization must follow. Each policy addresses an issue important to the organization's mission or operations.

A procedure tells members of the organization how to carry out or implement a policy. Policy is the "what" and the procedure is the "how to".

A law is a fundamental set of rules which is enforced through a set of institutions. 

ii. Write down five workplace policies in an organization?

1. Code of conduct
2. Recruitment policy
3. Drug and alcohol policy
4. Discipline and termination policy
5. Using social media

iii. Describe the importance of policies to the workplace?

Policies are important in a workplace as it helps reinforce and clarify the standards expected of employees and help employers manage staff more effectively as it defines what is acceptable and unacceptable in the workplace.

Clearly written policies and procedures provide legal protection. Juries apply the ‘common person’ standard. If written clearly so that outsiders understand, the company has better legal footing if challenged in court

iv. Write down four good filing practices for paper-based files?

1. Removing paper clips or pins which might damage files
2. Mending any damage before filing
3. Attaching small documents to an A4 sheet before filing
4. Establishing new files rather than overfilling existing file

Question - 3

Forecasting plays a major role in the operation of modern management. It is an important and necessary aid to planning and planning is backbone of effective operations. Many organizations have failed because of lack of forecasting or faulty forecasting on which the planning was based?

i. What do you mean by Forecast and Forecasting?

Forecasts serve as decision support tools that allow leaders to plan for the future by performing “what-if” analyses to determine how changes in inputs affects outcomes.

For example, forecasts help a business identify appropriate responses to changes in demand levels, price-cutting by the competition, economic ups and downs and more.

Forecasting is the process of making predictions of the future based on past and present data and analysis of trends.

ii. State two software tool used to forecast?

• Multi view
• Intacct
• Xero
• SCP
• Fishbowl

iii. Explain what are the qualitative forecasting methods and quantitative forecasting method?

Qualitative forecasting techniques are subjective, based on the opinion and judgment of consumers, experts; they are appropriate when past data are not available.

Examples of qualitative forecasting methods are informed opinion and judgment, the Delphi method, market research, and historical life-cycle analogy.

Quantitative forecasting models are used to forecast future data as a function of past data. They are appropriate to use when past numerical data is available and when it is reasonable to assume that some of the patterns in the data are expected to continue into the future.

Examples of quantitative forecasting methods are last period demand, simple and weighted N-Period moving averages, simple exponential smoothing, and multiplicative seasonal indexes.

iv. “Forecasting plays a major role in the operation of modern management” explain the statement?

Forecasting plays a pivotal role in the operations of modern management. It is an important and necessary aid to planning and planning is the backbone of effective operations. Many organizations have failed because of lack of forecasting or faulty forecasting on which the planning was based.

Forecasting implies the act of making a detailed analysis of the future and planning is impossible without either predicting the future as accurately as possible or making intelligent assumptions about it.

Question - 4

ABC company’s last year demand was decreased. They have decided to conduct a Market Research for solving above problem.

i. What do you mean by Market Research?

Market research is the process of determining the viability of a new service or product through research conducted directly with potential customers.

Market research allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service.

ii. Explain what are the methods to conduct the Market Research?

Surveys
Surveys ask users a short series of open- or closed-ended questions, which can be delivered as an on-screen questionnaire or via email.

 

Interviews
Interviews are one-on-one conversations with members of our target market.
 
Focus groups
Focus groups bring together a carefully selected group of people who fit a company’s target market.
 
Observation
During a customer observation session, someone from the company takes notes while they watch an ideal user engage with their product

iii. State five importance / advantages of conducting Market Research?

1. It helps businesses strengthen their position.
2. It minimizes any investment risk.
3. It identifies potential threats and opportunities.
4. It facilitates strategic planning.
5. It focuses on customer needs and demands.

iv. What are the data collection methods can be used for quantitative and qualitative methods?

Quantitative data collection methods are probability sampling, interviews, questionnaire, observation, and document review are the most common and widely used methods either offline or for online.

Qualitative research includes: Focus groups with customers and potential customers to understand their feelings and attitudes towards your products and services formal and informal conversations with customers about their satisfaction with your business

Question - 5

Data analysis is important in business to understand problems facing an organization, and to explore data in meaningful ways.

i. What do you mean by data analyze?

Data analysis is defined as a process of cleaning, transforming, and modeling data to discover useful information for business decision-making.

ii. Explain what are the three types of data analysis techniques?

Text Analysis

It discovers a pattern in large data sets using databases or data mining tools. It used to transform raw data into business information. Business Intelligence tools are present in the market which is used to take strategic business decisions.

Statistical Analysis

Statistical Analysis shows "What happen?" by using past data in the form of dashboards. Statistical Analysis includes collection, Analysis, interpretation, presentation, and modeling of data. It analyses a set of data or a sample of data.

Diagnostic Analysis

This Analysis is useful to identify behavior patterns of data. If a new problem arrives in our business process, then we can look into this Analysis to find similar patterns of that problem.

iii. State five advantages of analyze a data?

1. Ability to make faster, more informed business decisions, backed up by facts.
2. Deeper understanding of customer requirements
3. Increased awareness of risk enabling the implementation of preventative measures.
4. Better insight into the financial performance of the business.
5. Proven to reduce costs and therefore increase profit.

iv. How does the Mathematical Modeling support to solve the problem?

A mathematical model is a description of a system using mathematical concepts and language. The process of developing a mathematical model is termed mathematical modeling.

A model may help to explain a system and to study the effects of different components, and to make predictions about behavior. 

Question - 6

Write short notes with necessary examples on the following:

i. Documentation

Documentation is any communicable material that is used to describe, explain or instruct regarding some attributes of an object, system or procedure.

Documentation can be provided on paper, online, or on digital or analog media, such as audio tape or CDs.

Examples are user guides, white papers, online help, and quick-reference guides.

ii. MIS

MIS (Management Information System) is the use of information technology, people, and business processes to record, store and process data to produce information that decision makers can use to make day to day decisions.

Ex: Annual budgeting, Capital investment analysis 

iii. Prejudice and Bias

Prejudice is an idea or opinion that is not based on fact, logic or actual experience.

Ex: Until the early years of the twentieth century, women were not allowed to vote.

Bias is a tendency to favor one person, group, thing or point of view over another, often in an unfair way.

Ex: In the years before World War II, Hitler accused newspapers of having a Marxist bias.

iv.Performance Evaluation

Performance Evaluation is defined as a formal and productive procedure to measure an employee’s work and results based on their job responsibilities.

 A Performance Evaluation is a tool you can use to help enhance the efficiency of the work unit.