Characteristics of Information Good information is that which is used and which creates value. I think this because they could all affect your business in a negative way if you did not have these characteristics. another business around the area to see what works well for them to improve There are different ways that good information is achieved Understands the business A major trend in IT is its closer and closer alignment with the business it … An example of this may be a business buying information from This is For information to be reliable then you need to make sure that the In addition to the aforementioned characteristics (i.e., relevance, reliability, comparability, and consistency), the following qualities of accounting information affect its usefulness: understandability, materiality, and conservatism. There are different ways that good information is achieved and some of these are accurate and reliable information that a business can use. Characteristics of Good Information Valid - Valid information is information that has been validated and the information is legal, meaning that it can be used in any context. In any form … Confidence in Source - Receiving information from a confident source means that you must obtain the information from a reliable and trusted source. and some of these are accurate and reliable information that a business can to keep updating constantly and make sure that they use information that they An example of the right level of detail would be if a manager asked you for a summary of the sale figures for the last 5 months, the information much have the right level of detail to show the overall figure for each month, and then the grand total afterwards. Liam Latto Unit 3 P2 - Discuss the characteristics of good information. You don’t want to write too much detail but you Information should be complete in sense. Closely define the objectives of any information reports. Hjørland finds that the former, the objective understand-ing, has “a much stronger appeal than theoretical views that make information, meaning, and decisions context depen- present and not in the past or future. For it to also be valid it should be easy to understand for a reader It should contain all facts & figures as required by the user. opinion, this is one of the most important characteristics of good information Valid information is accurate, correct, reliable, but generally useable for the purpose of which it is needed. Submitted by IncludeHelp, on March 21, 2018 . They are usually sold in forms such as surveys. If there is a high population then opening the business would be a good idea as many people would be able to be a customer of your business. down to marking information. 1. as they would not know what to do with it. They won't want to pay too much to find some information that you will most probably be able to see online on the internet for free. By understanding and improving alignment with these critical dimensions, companies can maximize the value and impact of information as a strategic corporate asset … not a long time ago. It is also important that you don’t go over the top when it comes An example of reliable information would be information from your sales department that is supplied to the financial department on the sale figures for the last month or last year. There are essentially 10 qualities of good information: It must be relevant It must also be clear There must be sufficient accuracy The information must be complete The information must also be trustworthy It must be concise Information must be provided in a timely manner It must be communicated to the right person It must… Unless it contains all details, it is not useful. The right amount of detail is required in order for the information to be sufficient enough. This would include building a structure for your plan, making it much easier to understand what you are doing. Discuss the characteristics of good information 2.1 Briefly explain all the characteristics of good information shown below:- • Valid- valid information is information that has understandable context and is a legal piece of information, therefore the information can be … Fit for purpose. Cost-Effective - Cost effective information is information that is worth investing the time and money to get to help make business decisions. The information that is input into a data base is presumed to be perfect as well as accurate. Good information is relevant for its purpose, sufficiently accurate for its purpose, complete enough for the problem, reliable and targeted to the right person. Information is a difference that makes a difference (for somebody or for something or from a point of view). Valid. is only useful if another user of that information can fully understand what it Reliable: Reliable information if information that you can rely on as being correct. important that information needs to be accurate otherwise it is useless to the balance. Unit 3 P2: discuss the characteristics of good information Briefly explain all the characteristics of good information shown below. next require it. They also need to make sure that the information is from a reliable source because you know that the information is 100% correct and will be accurate so the reader can provide input and help add more detail to the information. 3 4. Valid - Valid information is information that has been validated and the information is legal, meaning that it can be used in any context. Timely is an important characteristic of good information. Cost Effective - Cost effective means that something has to be profitable and money can be made off of it. the most important features that you need to make sure that information is If you open a business in a low populated area then you would not make as much revenue as you would in a high populated area. source then you will not be very good at giving out information to other people information. 5 6. 2. If you were opening a business in Manchester, then it would be appropriate to look at the population in the surround area beside where you are opening the business. Information obtained and used should be neededfor decision-making - it doesn't matter how interesting it is. people may spread around false information and that could be bad for the If the information is incorrect then more research will have to be done. An example of sufficiently accurate is a car speedometer. You need to make sure that information is reliable and correct so that won’t be fit for purpose. Valid data is unbiased where no one is against or for the data. Together, they make up the backbone of leadership across … 2.1: Having good information within a business is a vital part of a business’s success. This would cause unrest with the reader as they are not able use it as it was from an unreliable source. by the user else its no good and cant be used for anything. Having good information within a business is a vital part of a A bakery would look at the costs of how much electricity they use and how much ingredients cost. MIS is flexible: MIS must be designed to be easily modified if, for example, different information is … Liam They need are sure is correct. If a business was looking to cut costs, they may look at their electricity bill and try to see if they could save and money and how much they could save. Reliability: Reliability is described as one, of the two primary qualities (relevance and reliability) that … Reliable - Reliable information is information that has been proven to be correct, therefore making it reliable. you mark information and make sure that you can understand it yourself. The information that you will collect will also need to be useful to of numbers with sale figures on it then the data would not be fit for purpose In my For most information to be seen as reliable there will have to be evidence to back it up and prove it reliable. Accessible - Accessible information is information that is stored in a way that it can be easily accessed at any time. The information … I think that reliable, cost effective and valid. Obviously, when it comes down to the characteristics of information some are more important than others, There are some that make information useless if it didn't contain some of its information. Five characteristics of high quality information are accuracy, completeness, consistency, uniqueness, and timeliness. is important and it needs to make sure that you know that it is useful in the It is very If you want information about the population of a country, then you would look towards a census from that country's government instead of going to wikipedia as that isn't 100% reliable or trusted. businesses. because if your sources are not reliable then the information and data you are P2 - discuss the characteristics of good information Good Information Valid: Valid information is information is information that is correct and can be used for the purpose that it is needed. If you go to the census, it will show you the population of when the census was taken. If the newspapers become too expensive, they. to see. of data and information collection it is very important that you make sure that Complete information enables managers to make better decisions. If you hand your manager some information and they cannot understand it, then he cant use the information for whatever he needs it for. Any invalid information would be useless to a reader of the In a lot of situations a business may want to get information from other If you look at the sales figure of the last month, if the information is accessible then you will be able to print out the information onto a sheet of paper so that you can see it. business. Research is defined as a process of collecting, analyzing and interpreting information to answer questions or solve a problem. The main three characteristics of information in my opinion are understandable by user, confidence in source and reliable. It will be from a valid and trusted source. What is information ? For example, if someone got a spreadsheet of a list information. If you provide incorrect information then this could lead to poor Finally, they also need to make sure that the information is reliable because if the information is not reliable then you would be sending information that may not be correct and the reader would recognise this. I will explain how some characteristics will improve how people judge your needs. For example if you collect information and you don’t use it then it Accuracy is crucial; managers must be able to rely on the results of their information systems. P2 discuss the characteristics of good information Valid Information should be accurate and reliable to ensure that no mistakes or misunderstandings occur; this could lead to a … Whereas, if they understood the information then they can improve the information with their own input. Experience and research shows that good information has numerous qualities.Good information is relevant for its purpose, sufficiently accurate for its purpose, complete enough for the problem, reliable and targeted to the right person. Valid information is information that is correct and can be used for the purpose that it is needed for. If the information is not relevant, then it is not fit-for-purpose. from a trusty and reliable source that you know is 100% accurate. It is one of using is a waste of time. Most of the audience will have to understand what you a. re saying to them well in order for your presentation to make sense to them and for it to be successful. Reliable - If your business were collecting data for some research on marketing and the data that you had collected was not reliable, you could then have doubts or make your projections of where the companies could go wrong. Businesses are often criticised for producing too much information simply because their information systems can "do it". Information use timely information to look at sale figures however they may put 4 weeks’ These characteristics are interrelated; focus on one automatically leads to focus on other. Information ought to be relevant to the audience, correct and full, this may create the information good and it will be useful. In order to be useful to a user, accounting information should have the following characteristics: Prepared objectively.The accountant should record and report on accounting transactions from a neutral perspective, without any bias that would give the reader an incorrect impression about the financial position, results, or cash flows of a business. it is redeemed useless. Information should be collected from all the sources & provided for decision making. While successful leaders may exhibit these 10 leadership skills to varying degrees, all good leaders leverage at least some — or most — of these characteristics. You will need time so that you can read through your information and ensure that it is all correct. In this article, we are going to learn about the characteristics of Management Information System (M.I.S.). A good information system provides a framework for companies to evaluate themselves relative to these dimensions. You need to ensure that if you are passing data on to someone else that If the person doesn't understand the information it could mean you have to go out and collect all of the information again and ensure that it is all understandable. that you look at present data and make sure that it is useful to the business. have good information about the cost of your business, you could easily start losing money and your company could fail. quality- this is just how good and specific the information is and the Experience and research shows that good information has numerous qualities. It has to be valid, so it has to be unbiased, representable, and verifiable (so it can be checked against other sources to make sure it is accurate. Data that have been organized and processed for a purpose to make it useful for business in decision making, operational support and gaining advantages. Produce information that focuses on "exceptions" , eg problems, high or low values, where limits have been exceeded. general sales. An example of valid information is information that you can trust, such as information supplied to you by the government. Accessible information is information that you can store away and access If people are paying for their information, such as buying a newspaper, then the customer will want that information to be cost effective. Research should be controlled-It should be controlled because of the relation between two or more variables are affected by each other (whether it is internal or external). Putting It Together: The Characteristics of a Good Leader. The data for example If KFSC looked at the profit they are making monthly Latto Unit 3 P2 - Discuss the characteristics of good information. Keeping newspapers cheap means that the customer is more likely to buy the newspapers so the newspaper companies can make some profit from it. If the printing process took a long time, then the information would not be easily accessible, whereas if the printing is very fast, the information is easily accessible. information. Participation. Timely - Information is required to be timely. Cost effective information is really important because it helps your business keep a good. Making sure that the information is readable for the user because if it wasn't readable then the information would be useless. An example of valid information would be a news service. For example, a business would All men and women should have a voice in decision-making, either directly or through … ). Relevant - It is important for the information to be relevant when providing information about the subject. It is important to have reliable information because you need to know if the information is correct. If somebody requests information from you, having the right level of detail is very important. Right Level of Detail - This means that the information given must have have a decent amount of detail so that the audience is informed of what they must do on this subject. Aspects from the subject must be present when giving the information to others in order for it to be relevant. You need to ensure that the information collected is Sufficiently Accurate - Accurate information helps businesses make the correct decisions. Stream Unit 3: P2 - Discuss the Characteristics of Good Information, a playlist by IT@KESH from desktop or your mobile device Importance of good information Characteristics of good information 2 3. Good information must be Accurate – good information is based on correct and complete data, and it has been processed correctly as expected. use. business’s success. Importance Of Good Information 4 5. Characteristics of Research: The characteristics of research include various points such as:-1. by the user are the most important characteristics of good information. losing. it at another time or when you next require it. Fit for purpose information is information that is relevant only for the task at hand. Information needs to be of high quality to be useful and accurate. decision making by a company. AGENDA What is information? means. An example of relevant information is making sure Incomplete information may lead to wrong decisions. 2.1 - Discuss the characteristics of good information: Information needs to have several characteristics to be of any value to you. A plan should be set up before you collect the information. Financial information would be tax rates supplied from the government's tax office. There characteristics of good information include being: valid, reliable, timely, fit-for-purpose, accessible, cost-effective, accurate, relevant, having the right level of If you got information from an unreliable Valid information is information that is correct and can be used for the purpose that it is needed for. Understandable - The information has to be. worth of sale figures away and they can then access the information when they If they cant understand the information then they wont be able to work with the information or give any input into it. as you are spreading round false information. It is imperative that information is of the four characteristics which one aforementioned in the previous sentence as the use of such information which is not of them could, quite possibly, make a member of staff at KFSC make a wrong decision which could, also quite possibly, … Fit-For-Purpose - The information must be relevant to what you are actually trying to find out. Complete: It should contain all the facts that are necessary for the decision maker to satisfactorily … a crucial characteristic because if they can’t understand the information then also don’t want to write not a lot of detail it is about finding the right Information it is useful. characteristics of food information accessible- this is making sure that the information you are trying to find is accessible otherwise if you cant access the information it wont be relevant or reliable. current sale figures to work out the current profit/loss they are making or How can we make sure information is relevant? P2 Discuss the characteristics of good information ( ) Studies, courses, subjects, and textbooks for your search: Press Enter to view all search results ( ) Most information to answer questions or solve a problem long time ago - reliable information that business. Information within a business can use accessible - accessible information is making sure that you can,... 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