The value of information depends on their usefulness in the decision making process. This value can be judged based on set of features that can be identified in the information.
Accurate
Accurate information is error free. Sometime inaccurate information is produced due to inaccurate data fed in the transformation process. This is called garbage in garbage out(GIGO).
Accurate information is error free. Sometime inaccurate information is produced due to inaccurate data fed in the transformation process. This is called garbage in garbage out(GIGO).
Complete
Complete information contains all the important facts. Eg: A Train Timetable with out departure time is incomplete report
Complete information contains all the important facts. Eg: A Train Timetable with out departure time is incomplete report
Economical
Information should also be relatively economical to produce. Decision makers must always balance the value of information with the cost of producing it. Example: collecting the data takes lots of resources and time, it is not economical
Flexible
Information flexibility is useful for it’s users on different type of roles.
ex: stock in hand of a product in a supermarket is important for different type users in different type of roles.
Reliable
Reliability of the information depends on the reliability of the data collection method. The reliability of data collection method is poor, it will directly affect to the information that will produce. (information provided by the train timetable is reliable than ask the train times from another passenger)
Relevant
Information should be relevant for its users according to there role. (numbers of tickets sold is not relevant to train driver)
Simple
Information should be simple. When it becomes too much complex, it will be difficult for decision maker to find relevant information. Providing too many information is known as information overloading.
Timely
Information should be delivered when it’s needed. For an example, last week weather report is not important is selecting suitable cloth for today.
Verifiable:
If it is possible to validate information about its correctness, it becomes verifiable Information. If you are not sure about a departure time of a train, you can call station and verify it.
Accessible
Information should be easily accessible for decision makers to use them whenever use them without having difficulties.
Secure
Information should be well secured from access by unauthorized users. The value of information could be lost due to unauthorized access or damages to its existence. This feature could protect information from such threats.
Information should also be relatively economical to produce. Decision makers must always balance the value of information with the cost of producing it. Example: collecting the data takes lots of resources and time, it is not economical
Flexible
Information flexibility is useful for it’s users on different type of roles.
ex: stock in hand of a product in a supermarket is important for different type users in different type of roles.
Reliable
Reliability of the information depends on the reliability of the data collection method. The reliability of data collection method is poor, it will directly affect to the information that will produce. (information provided by the train timetable is reliable than ask the train times from another passenger)
Relevant
Information should be relevant for its users according to there role. (numbers of tickets sold is not relevant to train driver)
Simple
Information should be simple. When it becomes too much complex, it will be difficult for decision maker to find relevant information. Providing too many information is known as information overloading.
Timely
Information should be delivered when it’s needed. For an example, last week weather report is not important is selecting suitable cloth for today.
Verifiable:
If it is possible to validate information about its correctness, it becomes verifiable Information. If you are not sure about a departure time of a train, you can call station and verify it.
Accessible
Information should be easily accessible for decision makers to use them whenever use them without having difficulties.
Secure
Information should be well secured from access by unauthorized users. The value of information could be lost due to unauthorized access or damages to its existence. This feature could protect information from such threats.
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