The Value and Importance of Information


Background:

In this section you should be able to:


 

  • Good quality information is a valuable resource
  • Obtaining information costs money

 


Information:

Relevant information:


Quality of information

  • The aim of processing data is to provide information to increase understanding and assist the organisation in making informed decisions.
  • The value of information depends on when and how it was obtained.
  • Its quality depends on a number of characteristics.

 

Quality of Information - characteristics:

 

  • Clarity and brevity -
it should not be too detailed, be specific, not ambiguous, and meet the needs of the recipient of the information.
  • Timely -
it should be as timely and up-to-date as possible (information tends to lose its value as it ages).
  • Accurate -
it should be without errors and relate to its usage (again meet the needs of its recipient).
  • Verifiable -
it should be possible to check the information, with identifiable sources and an audit trail for summaries.
  • Relevant -
its content should aid decision making (unnecessary information will complicate matters).
  • Complete –
all important details should be present (incomplete information is often worthless).

 


 

Quality Information - accurate and precise:

 

 

Quality Information - relevant presentation?

Meterological Weather Map
Weather Map from a Newspaper

 



 

Test your understanding What is the difference between good and poor quality information?

Coding Value Judgements

What problems can you find with this questionnaire?

 



Now do the questions at the end of Chapter 9 of the text book