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rces of information:

Internal sources of information
External sources of information
Internal sources of information:

All organizations generate a substantial amount of information relating to their operation. This internal information is vital to the successful management of the organization. The Classic Badges Company can attain information from a number of sources within the organization, for example:

Marketing and sales information on performance, revenues, markets shares, distribution channels, etc.
Production and operational information on assets, quality, standards, etc.
Financial information on profits, costs, margins, cash flows and investments, etc.
Internal documentation such as order forms, invoices, credit notes, procedural manuals.
External sources of information:

An external source of information is concerned with what is happening beyond the boundaries of the organization. This covers any documentation relating to a subject area produced as a summary or detailed report by an agency external to an organization. Such information may be obtainable from government agencies or private information providers. Examples might include:

census figures
telephone directories
Computer users’ yearbook
National opinion polls
Trade journals
Professional publications
Financial services agencies such
Industry standards as Dunn and Bradstreet
The Internet
Suitability and reliability:

The external sources of information provide most valuable information regarding the organization environmental factors. The environmental factor consists of economic factors, demographic factors, technological factors, political-legal factor, and socio-cultural factors. This information is of very importance for the business organization because the organization environment serves as an obstacle between the firm and its target market. Through proper scanning of the environmental factors managers are able to devise his strategies keeping in view the dynamic environment. (Johnstone, 2013)

Recommend any improvements in the use of different kinds or sources information and knowledge for the setting up of this project:
Classic Badges Company should use its gather information and knowledge effectively and efficiently. First of all it is very important that a company has knowledge and information should be up to date. The information that is very crucial like sales, production, customers and competitors should be very accurate and should be reviewed on monthly basis. Company should make period base market researches to monitor its sales, customer demand and opinion of customers about its product.

Task 2
Contributions expected from the different stakeholders during a specific decision making process:
A stakeholder is any individual or group that is interested in, affected by or is involved in some way with a company anyone who literally has a ‘stake’ in any of their activities or issues. Following are the vital stakeholders of Classic Badges Company:

Employees
Suppliers
Customers
Local Communities
Government Agencies
There should be involvement of stakeholders as early as possible in the process of planning and decision making is beneficial to avoid problems later down the line