2.4.3: Using Information to Inform Prioritisation

• Deciding on prioritisation will require information, which will come from one of two types of sources:

  • Internal sources
  • External sources
• Internal sources is information from within a business, such as a change in business objectives, or a change of budget.
• External sources is information from outside a business, such as changes in the economic environment and customer feedback.
• Businesses operate in a dynamic environment so they need to be able to react quickly to changes.
• Information can change priorities depending on the type of source, whether it is an internal change or external information. Priorities need to change to reflect the situation.

  For example, an internal change would be if a business changes it's objective to increasing profit, priority will be given to tasks that bring in more money or cut costs.

  An example of external information is an unexpected increase in interest rates, so businesses will take measures to reduce their borrowing.
• Information businesses use will usually be data, which can be in three main forms:

  • Graphical: market research findings
  • Tabular: sales
  • Numerical: financial data