Question

BUSINESS DATA

Assess 3 different sources of business data and how this can be assessed and used for planning purposes e.g. internal information within the organisation such as HR metrics and industry (external) information such as trends in HR, competitive information and government information. (AC3.2) (approx 1000 words)

Answer 1

Three Different Sources of Data are following:

1.Internal Statistics

It is obviously a internal source of data,That data included in the company or organisation.The statistical data used for the quick awareness of the currrent situation.It is easy to convey and analyse the current up and downs in the organisation.The companies internal statisticcal data means the employees performance related data,employee absenteeism related data,the overall department performance in the company,company's growth related datas etc.Specifications about all datas are come out form the internal statistical analysis and .So this is very important for the organisation.

2.Market Research

  Market research is done by internally or externally.In one case the copnay having the research depatment,in another one is the company is outsourced to other agencies.The research is very useful for the     organisation,because in this research the researchers are close touch with the potential consumers and easily know about the feasibilty of the product.The market research to get the overall idea about how the customer is respond to the new product or service.In market research information is collected by the surveys,samples,and interviews.So this is helpful for the business to analyse the current status and acceptance of the product.

3.Research Publications

Research publication is extremely an external source.These type publications may helps to analyse the company status in different areas.That is a company having different sections and unit,so the external researcher trying to find out the any of the subject relating to the department,like competitors of the company,stkeholder strenghth of the company,social media influence of the company.So the company can use the rsearch publcations for the future refernce.The content in these type of publication should be a asset for the company.