1.2 The characteristics of Valuable Information

The value of information depends on their usefulness in the decision making process. This
value can be judged based on a set of features that can be identified in the information.
They are as follows:

Accurate: Accurate information is error free. Errors could be occurred due to different
reasons. If there is some problem in the knowledge required for the process, output
(information) may have errors. At the same time, if input (data) contains some
errors, the output will not be accurate. This is known as garbage in garbage out
(GIGO). Inaccurate information is not error free.

Complete: Complete information contains all the important facts to make clear decisions.
For example, an investment report may present all possible benefits and profits
without details of cost that will be required.

Economical: Information should also be relatively economical. Decision makers must always
balance the value of information with the cost of producing it. For example, if
collecting the data takes lots of resources and time, it is not economical.

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 for
- a sales representative to determine the sales plan
- a production manager to identify possible constraints for the production
- a financial executive to calculate the current assets figures of inventory

Reliable: Reliability of information describes the correctness of the information. If there are
any problems with respect to correctness of data, it will definitely affect the
reliability of information. For example, if the reliability of data collection method is
poor, it will directly affect the information that will be produced.
For example, prediction of prices based on rumors (not past variance information),
is not reliable.

Relevant: The relevance of information is determined based on the usefulness of information
with respect to the decision making process. For example (E.g.A),, a drop in timber
prices cannot be used to predict the price fluctuation in computers.

Simple: Simplicity in the representation of information is also a very useful feature utilized to
improve the usability of information in the decision making process. Too many
information could affect the simplicity in the presentation. Therefore it is better to
provide interactive customization to determine simplicity. Providing too many
information is known as information overloading.

Timeliness: Decisions should be made at the right time to achieve effectiveness. Timely
information refers to providing information at the right time. For example, if you can
get to know today’s weather forecast before you leave home, you can decide
whether to bring an umbrella or not.

Verifiable: If it is possible to confirm the reliability of the information about its correctness
(validate), it becomes verifiable Information. If you are not sure about a particular
information (say foreign news) heard from a radio channel, you can search about it
using Internet.

Accessible: Accurate information plays a major roll in the decision making process of any
organization. Therefore it is essential to be able to access the Correct/ relevant
information by authorized personnel at the right time to meet their needs.

Secure: the value of information could be lost due to issues such as unauthorized user
access or intentionally damaging its existence. Therefore, it is important to make
steps to protect valuable data and information. For example, use of passwords to
protect data and information.

It is important to note that the values of these quality attributes may vary from one piece of
information to another. It affects their usefulness in the decision making process. For
example, at the Stock Exchange, information about market forecast may not be very
accurate but if the timeliness is poor, the total value of information will be very poor.