Characteristics of good information

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.certain criteria.

1. Characteristics of Good Information 1 PRESENTED BY SHWE YEE MYA WIN

2. AGENDA What is information? Importance of good information Characteristics of good information 2

3. 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. 3

4. Importance Of Good Information 4

5. Why is good information so important ?? 5 To make correct decisions !

6. 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.

7. Characteristics of Good Information 7

8. Accurate 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 8

9. Relevant 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. 9

10. Complete 10 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.

11. Concise 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.. 11

12. Reliable 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. 12

13. Accessible 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. 13

14. Timely 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 14

15. Cost-effective 15 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 .

16. References 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 16

17. THANK YOU ! 17