This goes back to consistency also, no matter who obtains he data the outcome should still be the same.
Unit measurement: The data type should be consistent. For instance, if data is being collected on red blocks, all data should be based directly on red blocks alone. What elements of consistency should be considered? Provide an example. Period of collection: The time periods of data collected should match in order to be compared. If a person take the amount of money made by a facility in a week and compare that to money made, in a year by another facility that would not be comparable.An example.
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Consistency method: The exact same method should be used for anything being compared. In sports stats, a person cannot decide the best players on a team by how they played in a shorter time spend rather than a player who went the entire season to put up complete stats. Inflation: The increase in price for something as the demand grows and the product becomes less available due to the demand.
So for example, if a person has a new product that hits the market and is an instant success, this product may start at $5 per unit.As the demand grows the price will increase due to the numbers being requested and the ability of this product to move inventory. What is the manager’s responsibility in comparing data? Accuracy in acquiring the data is essential to management. It is the responsibility of the manager to take control and ensure all numbers and data collections add up. It is also the manager’s responsibility in comparing the manager’s job to make sure data was collected consistently to be compared to older data or future data when available.
What are the four moon uses of comparative data?Current expenses to current budget: This is making sure a person is not overspending what they are allowed to. Budgets are set for reasons, to let people know what they have to work with and stay within their limit. Compare Current Actual Expenses to prior periods in Own Organization: using the same consistency, comparing books from previous periods can let a person know how the facility is dealing with new expenses, cutting old unnecessary expenses and inflation. Compare to Other Organizations: In any organization hey will always be competition of sorts.If a company is trying to reach a goal that another larger company has accomplished then the manager will make a comparison to find out what type of growth they need. In some cases the manager might even try to implement the same guidelines to follow as the other company.
What is meant by standardized data? Data applied in some industry, and shared amongst competitors to some degree. They are often defined by database vendors or operating system vendors and thus used by default whether suitable for a given purpose or to.