B1 Storage and Analysis of Data
Unit 7: Business Decision Making
Storage of Data
Security of information refers to the methods used to protect information collected in research from individuals and organisations who have not been authorised to access it. This may include setting up firewalls to protect databases and storage systems to protect physically held information. Staff training can help members of staff understand the importance of protecting information and methods to do so.
Legislation related to security of information includes the Data Protection Act. This act has 8 principals which include only collecting necessary information, keeping that information secure and only using that information for the specified purpose.
Regulatory issues regarding data collection refers to the processes you need to put in place to ensure that you adhere to any data protection laws. For example, when collecting information, is it clear to the respondent what is happening to that information? How are you going to store it safely?
Ethical issues when storing information refers to the moral principles that underpin your approach. This includes privacy and consent and ensuring the use of that information does not include any activity that may cause harm to to subject.
Analysis of Data
Analysis of data involves reviewing the data to establish any patterns and trends.
Comparison of data between different years can illustrate trends such as a rise or decline in sales or costs. Comparison of data with competition can raise questions about activities that raise performance. Comparison of data between different customer groups can help identify a profitable target market.
Evaluation of data to predict consequences, provide reasonable alternatives and justify solutions