next require it. Closely define the objectives of any information reports. What is information ? It will be from a valid and trusted source. current sale figures to work out the current profit/loss they are making or Reliable - Reliable information is information that has been proven to be correct, therefore making it reliable. You need to make sure that information is reliable and correct so that Timely is an important characteristic of good information. balance. 2.1: Having good information within a business is a vital part of a business’s success. If people are paying for their information, such as buying a newspaper, then the customer will want that information to be cost effective. Understandable By User - This means that the information is easily understood by the audience, this could be easily readable, easily heard and well presented. 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- 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, … In the project, the information is used for many purposes and when used, it must be good information. opinion, this is one of the most important characteristics of good information 2.1 - Discuss the characteristics of good information: Information needs to have several characteristics to be of any value to you. Complete information enables managers to make better decisions. it is useful. because if your sources are not reliable then the information and data you are Cost-Effective - Cost effective information is information that is worth investing the time and money to get to help make business decisions. Valid. decision making by a company. 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. If the speedometer was wrong by 20 mp/h, this information may lead you to breaking the law and possibly risking your life as you may be involved in a car crash. 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. 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. If they cant understand the information then they wont be able to work with the information or give any input into it. Fit for purpose. Good information is relevant for its purpose, sufficiently accurate for its purpose, complete enough for the problem, reliable and targeted to the right person. Latto Unit 3 P2 - Discuss the characteristics of good information. In a lot of situations a business may want to get information from other 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… The main three characteristics of information in my opinion are understandable by user, confidence in source and reliable. It is one of 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. as you are spreading round false information. Following are the key characteristics of MIS: System approach: MIS follows the system approach, which implies a step by step approach to the study of system and its performance in the light of the objective for which it has been constituted. 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. Valid information is accurate, correct, reliable, but generally useable for the purpose of which it is needed. Information should be collected from all the sources & provided for decision making. 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. Cost Effective - Cost effective means that something has to be profitable and money can be made off of it. and some of these are accurate and reliable information that a business can 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. An example of this may be a business buying information from Importance of good information Characteristics of good information 2 3. your needs. They will use data that they have collected within possibly a week and A plan should be set up before you collect the information. There are different ways that good information is achieved that you look at present data and make sure that it is useful to the business. The information … If you provide incorrect information then this could lead to poor ). Any invalid information would be useless to a reader of the A good information system provides a framework for companies to evaluate themselves relative to these dimensions. Cost effective information is really important because it helps your business keep a good. down to marking information. present and not in the past or future. Confidence in Source - Receiving information from a confident source means that you must obtain the information from a reliable and trusted source. it is redeemed useless. 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