The cost of information

Producing good quality information means costs, money, time and human resources. Data collection, if it primary research it can be very expensive to produce questionnaires etc. and then you would have to pay for people to conduct the research. If it is secondary research, they may have to pay the third party for the use of the info. Data entry costs, people need to be paid to do so. The use of OMR's and OCR's are also expensive. Hardware and software have to be purchased to process the data. It also costs to keep the data up to date and accurate.

Characteristics of information

1. What are the three headings that come under SOURCE?

Internal, external, primary and secondary

2. Quantative qualitive formal and informal come under nature information

3. Strategic information is used by high level management. An example of this is report forecasting a rise in interest rates.

4.Time comes under three headings also, historical, current and future.

Quality of Information

The Value of Information

Good Information adds value to organizations. It aids decision making, the quality of a decision depends on the quality of information. Decision making is crucial within a business, therefore it is important that their information is accurate, up to date and complete. Information can also show a business how it is doing, performance wise. Information can be used to target resources. Information can also allow a business to gain a competitive advantage. This is because they will be able to compare sales, etc with their competition.

Data Knowledge and Infromation in Action

Link to E Barr

http://www.scc-as-appliedict0607.blogspot.com/

Data Information and Knowledge

Define the word data?
Data is defined as a collection of values.

Define the word information?
Information is data that is meaningful, i.e. the potential meaning of the data has realised.

Define the word knowledge?
Knowledge may be defines as a broad understanding of the context in which a particular piece of information occurs.

What does the data represent?
Data represents a raw facts and figures.

In information how do you make a form accessible to users?
Knowledge enables somebody to make sense of a piece of information, to grasp its significance and to use it to draw conclusions, identify problems and aid decision making.