Generate valid, accurate and useful information and justify the information selected to support a business decision-making process Essay
Generate valid, accurate and useful information and justify the information selected to support a business decision-making process.All the information that I have generated is valid, accurate and useful; there are many reasons for this.Good information should be reliable.
Reliable information is accurate and can be used for what it is needed for. Reliable information is information that you can trust, for instance, gaining data from the government. I got my information from my Nomsweb which is a reliable website that holds lots of information from different dates.
All the information is data that can be trusted and was useful to me.
This website gets its information from HM and revenue which is a government based company which means that the data is reliable.However, the information I got was only for the average annual income for the UK only. It would have been more reliable if I had data from more areas of the world to make my findings more detailed and reliable.
In addition, the ages were only specific and therefore having wider data would also allow to have more in depth rich detail to make my findings more specific.
It’s also vital for information to be relevant. Relevant information is information that is specifically related to your business needs. If a business was looking to cut costs they might look at their electricity bill and try to see where they could save money; this would be relevant information as they can use it to reduce their costs. All the information is what I needed it for; it was useful, up to date and accurate which made it relevant for what I needed it for.
After thorough research into different areas of the UK and their financial stability I have made a decision on where the roadshow should be located. The location I picked has a substantial number of young people who are in professional employment which means they are likely to be interested in saving and investment opportunities.I used Nomisweb, a reliable information source to collect my data from. I decided the best data that would be relevant and useful for this particular task to be the data sets of ‘Annual Survey of Hours and Earnings – Workplace Analysis’ and ‘Local Area Labour Force Survey’.
I decided to only use the information that was relevant from both data sets and merge them together to make the data easier to finalise a result. I took the percentage of those aged 25-34 from the ‘Local area’ data set and then took the annual pay from the Local Area data set and merged the two which gave me a list of areas, population and percentage of annual pay. I then created a graph using the top 20 places.The place that is most suitable and where the roadshow should be located is in Tower Hamlets.
This is because they have the most people earning the most annual pay which means they will have funds to save and invest money. Although Hammersmith and Fulham is higher in terms of population, it’s important to have people who have the most amount of money as they will be more likely to want to be interested in savings and investment opportunities.Places such as Hounslow, Richmond, Winsor, Hillingdon and Aberdeen city were not as suitable because although they are within in the top 20 places that would be suitable, they have a smaller population and smaller annual pay which means they will be more unlikely to be uninterested in the products the roadshow will offer.