Types of information
Characteristics of Good Information
Reliable -Good information must always be reliable because you have to able to make hard decisions without worrying that information that you have been told is right may be wrong or incorrect this could be very problematic if you do something like start selling a new product that you were giving unreliable information that it would sell this would make you lose money .
Timely - Good information must always be timely because if it is not from the right time period it will no longer be reliable such as sales information if you use old information to buy new stuff to sell it will show different things getting sold and they will not be what people want.
Fit for Purpose - Good information must always be fit for purpose, this means that it is relevant to what you need it for this is important because if the information you are given is irrelevant you cannon use it for what you want it for and it will make the result that you produce wrong.
Accessible -Good information must always be accessible because if it is not people will waste time on trying to get it rather than just being able to get the information quickly this makes things take longer and will make employees less efficient.
Cost Effective - Good information must always be cost effective this means that the information will help make the business more money than it costed to get the information for example if you payed $5000 and getting people to fill out surveys it would only be cost effective it it made more than $5000 this is important or else you would be loosing money.
Accurate - Good information must always be accurate because you may be making important decisions using the infiltration so the more accurate the information is the better because you can see exactly what you need to and you wont make any and is the information is inaccurate it could lead to bad choices.
Relevant - Good information must always be relevant this is information that is directly related to your business need this is so that you do not waste money on information that is not going to be used by you.
Having the Right Level of Detail -Good information must always have the right amount of detail because it wastes time if the information is too detailed and it can cause problems if it is not detailed enough one example if if a manager asked for a sales report for the last six months you would give them a couple pages showing the total amount of each item sold and how much you made each month not a 1000 page report including ever separate sale.
Reliable Source - Good information must always be from a reliable source, this is because if it is not from a reliable source that you trust %100 you cannot trust the information %100 this will make it hard to make decisions from the information.
Understandable by the User - Good information must always be understandable by the user, this is because if the user cannot understand it due to it being too complicated or some thing else they cannot use it and will struggle this could make errors happen