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Characteristics of Good Information

PRESENTED BY SHWE YEE MYA WIN

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AGENDA

What is information?

Importance of good information

Characteristics of good information

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What is information ?

Data that have been organized and processed for a purpose to

make it useful for business in decision making, operational

support and gaining advantages.

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Importance Of Good Information

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Why is good information so important ?? To make correct

decisions !

6 For information to be useful in decision making, the organization must

improve the quality of its business information.

To improve the quality of information, it must have certain

characteristics and meet certain criteria.

Without certain characteristics, information can be overloaded,

erroneous and misleading.

This can result in delay making decisions, or even make the

wrong decisions and wasting thousands or even millions of dollars.

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Characteristics of Good Information

8Accurate

WHAT?

Information should be precise and free from error.

Why Important ?

Inaccurate information can lead to not getting the resources when they need.

helps determine financial estimates in the budget.

Worst case, inaccurate information might result in incorrect tax calculations that

could put you in danger.

HOW ?

Take great care when data is inputted and verify that information

9Relevant

WHAT?

Information should be fit to the purpose for which it is required.

Why Important ?

Collecting irrelevant information is waste of precious time and money.

Irrelevant information could mislead to the wrong direction when

making decision.

HOW ?

Understand the purpose and context of your information.

10Complete

WHAT?

Information should contain all the details required by the user.

Why Important ?

Necessary for the management level to reasonably solve

the upcoming problem that would occur.

Incomplete information may not be very useful for making a decision.

HOW ?

Record every possible day-to-day operations and transactions in detail.

11Concise

WHAT?

Information should be to the point and just enough – no more, no less.

Why Important ?

Too much information is a big burden on management and

cannot be processed in time and accurately.

HOW ?

Have the right level of detail.

Summarizes information and if possible present it in a chart or graph..

12Reliable

WHAT?

Information should be from a valid and trusted source with verifiable facts.

Why Important ?

Unreliable information is worthless for decision making

HOW ?

Get information from the primary source when possible.

Always verify information.

13Accessible

WHAT?

Information should be easy to obtain or access at any time to meet their

needs.

Why Important ?

If information is not available when they are in need, operation and

decisions would be delayed.

HOW ?

Store information where it is easily accessible by authorize users.

14Timely

WHAT?

Information should be available when it is needed.

Why Important ?

critical decisions can be delayed because proper and necessary

information is not available in time, resulting in missed opportunities.

HOW ?

Keeping information up-to-date.

Selecting appropriate channel of information

15Cost-effective

WHAT?

When the value of information exceeds the cost of producing it.

Why important?

It is not worthwhile to spend money on information that even

cannot recover its costs.

HOW ?

Evaluate the resultant profit then adjust the cost for collecting

information based on that.

16References

http://www.yourarticlelibrary.com/management/8-characteristics-of-good-management-information-systems-explained/3483/

http://www.contentedwriter.com/characteristics-of-good-information/

http://accalecturenotes.blogspot.com/2011/03/characteristics-of-good-quality.html

http://www.jhigh.co.uk/Intermediate2/Using%20Information/12_charact_of_info.html

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THANK YOU !