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Quantitative data
i.e. data that is capable of being measured
numerically, e.g. the standard labour hours
required to produce a unit of output, invoice
amount owed to a supplier etc.
Qualitative data
is that data not capable of being measured
numerically and may reflect distinguishing
characteristics; e.g. the grade of labour used
to produce the unit of output.
Data Classification
Discrete data
i.e. data that can only take on specific fixed
values, e.g. the actual number of customers a co
can have at a particular time could be 35 but not
35.3.
Continuous data
i.e. data that takes any numerical value e.g. a
debtors control a/c balance is Ksh 8451.521
Data Classification
Primary data
is data collected for a particular enquiry in
hand, e.g. to establish a std time for
accounting activity, accountants would be
observed performing a ‘value adding’
activity.
Data Classification
Secondary data
collected by a trade association from a
number of firms and comprising trade
association statistics would become
secondary data when used by a firm in the
sector making an enquiry of its own
Classification of information
Strategic – that information relating to the
longer term planning strategic focus of the
business.
e.g. Strategic information would relate to the
longer-term strategy on the company’s market
share, which in turn forms the production plan.
This plan would be used to predetermine the
level of investment required in capital
equipment in the longer term. This process
which ‘compels planning’ would lead to
investigating new methods for the technology.
Classification of information
1. Decision Making
Information reduces uncertainty in decision
making. Adequate information on possible
alternative solution to a problem will make the
decision maker to make the right choice.
2. Performance control