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Characteristics of Information
• Accurate
-Accurate information is error free. In some cases, inaccurate information is generated because inaccurate data is fed into the transformation process. (This is commonly called garbage in, garbage out [GIGO].)
• Reliable
-Reliable information can be depended on. In many cases, the reliability of the information depends on the reliability of the data-collection method. In other instances, reliability depends on the source of the information. A rumour from an unknown source that oil prices might go up might not be reliable.
• Verifiable
- Information should be verifiable. This means that you can check it to make sure it is correct, perhaps
- by checking many sources for the same information.
• Secure
- Information should be secure from access by unauthorized users
• Complete
-Complete information contains all the important facts. For example, an investment report that does not include all important costs is not complete.
• Flexible
-Flexible information can be used for a variety of purposes. For example, information on how much inventory is on hand for a particular part can be used by a sales representative in closing a sale, by a production manager to determine whether more inventory is needed, and by a financial executive to determine the total value the company has invested in inventory.
• Simple
- Information should be simple, not overly complex. Sophisticated and detailed information might not be needed. In fact, too much information can cause information overload, whereby a decision maker has too much information and is unable to determine what is really important.
• Timely
-Timely information is delivered when it is needed. Knowing last week’s weather conditions will not help when trying to decide what coat to wear today.
• Relevant
-Relevant information is important to the decision maker. Information showing that lumber prices
-might drop might not be relevant to a computer
• Accurate
-Accurate information is error free. In some cases, inaccurate information is generated because inaccurate data is fed into the transformation process. (This is commonly called garbage in, garbage out [GIGO].)
• Reliable
-Reliable information can be depended on. In many cases, the reliability of the information depends on the reliability of the data-collection method. In other instances, reliability depends on the source of the information. A rumour from an unknown source that oil prices might go up might not be reliable.
• Verifiable
- Information should be verifiable. This means that you can check it to make sure it is correct, perhaps
- by checking many sources for the same information.
• Secure
- Information should be secure from access by unauthorized users
• Complete
-Complete information contains all the important facts. For example, an investment report that does not include all important costs is not complete.
• Flexible
-Flexible information can be used for a variety of purposes. For example, information on how much inventory is on hand for a particular part can be used by a sales representative in closing a sale, by a production manager to determine whether more inventory is needed, and by a financial executive to determine the total value the company has invested in inventory.
• Simple
- Information should be simple, not overly complex. Sophisticated and detailed information might not be needed. In fact, too much information can cause information overload, whereby a decision maker has too much information and is unable to determine what is really important.
• Timely
-Timely information is delivered when it is needed. Knowing last week’s weather conditions will not help when trying to decide what coat to wear today.
• Relevant
-Relevant information is important to the decision maker. Information showing that lumber prices
-might drop might not be relevant to a computer