FINANCIAL MANAGEMENT

Financial Management Unit Aim

Financial Management Unit Aim

Introduction

Data Collection and Assessment

Data collection is a term utilised to recount a method of organising and assembling facts and numbers - for demonstration as part of a method enhancement or alike project. The reason of facts and numbers assemblage is to get data to hold on record, to make conclusions about significant matters, to overtake data on to others. Primarily, facts and numbers is assembled to supply data considering a exact topic.

Data assemblage generally takes location early on in an enhancement task, and is often formalised through a facts and numbers assemblage design which often comprises the next activity.

Pre assemblage undertaking - Agree goals, goal facts and numbers, delineations, methods

Collection - facts and numbers collection

Present Findings - generally engages some pattern of arranging investigation and/or presentation.

Prior to any facts and numbers assemblage, pre-collection undertaking is one of the most vital steps in the process. It is often found out too late that the worth of their interview data is reduced as a outcome of poor trying of both inquiries and informants and poor elicitation techniques. After pre-collection undertaking is completely accomplished, facts and numbers assemblage in the area, if by consulting or other procedures, can be conveyed out in a organised, methodical and technical way.

A prescribed facts and numbers assemblage method is essential as it double-checks that facts and numbers accumulated is both characterised and unquestionable and that later conclusions founded on contentions embodied in the outcome are valid. The method presents both a baseline from which to assess from and in certain situations a goal on what to improve.

Types of facts and numbers collection

By posted letters questionnaires

By individual interview.

Other major kinds of assemblage encompass census, experiment review, and administrative by-product and each with their respective benefits and disadvantages. A census mentions to facts and numbers assemblage about every individual or everything in a assembly or community and has benefits, for example correctness and minutia and handicaps, for example cost and time. A experiment review is a facts and numbers assemblage procedure that encompasses only part of the total community and has benefits, for example cost and time and handicaps, for example correctness and detail. Administrative by-product facts and numbers is assembled as a byproduct of an organization's day-to-day procedures and has benefits, for example correctness, time ease and handicaps, for example no flexibility and need of control.

Data Assessment

In this article, we describe the subjective and objective assessments of data quality, and present three functional forms for developing objective data quality metrics. We present an approach that combines the subjective and objective assessments of data quality, and illustrate how it has been used in practice. Data and information are often used synonymously. In practice, managers differentiate information from data intuitively, and describe information as data that has been processed. Unless specified otherwise, this paper will use data interchangeably with information.

Analytical Tools

Simple Ratio: The simple ratio measures the ratio of desired outcomes to total outcomes. Since most people measure exceptions, however, a preferred form ...