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P1 Explain different types of business information, their sources and purposes

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P1 Explain different types of business information, their sources and purposes
Explain different types of business information, their sources and purposes

Introduction
Having just started as a trainee at the Corporate Communications Department of Emirates Group, my line manager has tasked me with preparing this set of introductory training materials, on business information in general, for new members of staff in the department, to increase my knowledge and enhance communication skills.
Different types of business information, their source and purpose will be discussed throughout this paper, outlining various types of communication that can take place. I will also deliberate how KFC source and communicate effectively, with a true purpose, summarizing with a conclusion.

Definition of Information
Information comes from a wide variety of sources, in varying shape and form, with numerous qualities. Communicated in time, being fit for purpose, and containing the right level of detail it becomes critical in decision making. Although there is contrast between the value and cost of information, it needs to be:
Available
Accurate
Reliable
Objective
Relevant
Complete
On time

As defined in the Business Dictionary, information is, “Data that is accurate and timely, specific and organized for a purpose, presented within a context that gives it meaning and relevance, and can lead to an increase in understanding and decrease in uncertainty”.
Once prepared and, structured accordingly, data becomes information. Information adds value, and once facts and figures have been organised into information it has meaning, as intended to be interpreted.
Information gathering may be performed internally, within an organization, collecting information on sales performance, production output, or maintenance reliability. It may also be accomplished externally, outside the organisation, harvesting information on markets, competitors and customers. Information is valuable because it can affect behavior, a decision, or an outcome.
For example, if a

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