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When managing the performance of an organization, the leadership is always balancing between the risks and rewards of using financial and non-financial information as well as internally and externally sourced information, in its performance report
When managing the performance of an organization, the leadership is always balancing between the risks and rewards of using financial and non-financial information as well as internally and externally sourced information, in its performance report.
(b) Elaborate on the benefits and issues of using the following information:
i. financial information versus non-financial information. (6.5 marks)
ii. internally sourced information versus externally sourced information. (6.5 marks)
For each set of information, there should be at least two advantages and two disadvantages provided (no tables allowed, your answers should have proper headers and paragraphs and word count should be a minimum 350 words, not exceeding 450 words.
Expert Solution
Information such as total sales of a company, expense figures such as advertising costs or dollar values of assets such as land and building are some examples of financial information.
Non-information includes environmental effects, political situations and social responsibilities.
Internal data is information generated from within the business, covering areas such as operations, maintenance, personnel, and finance. External data comes from the market, including customers and competitors. It's things like statistics from surveys, questionnaires, research, and customer feedback.
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