| The Value of Information | ||
In order for information to be useful it must be:
The accuracy of information depends on the accuracy of the data. Incorrect data will lead to incorrect information... |
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G.I.G.O. = Garbage In Garbage Out
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A lot of time and effort is spent in making sure that no incorrect data is input to a system. |
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| Businesses and organisations make important decisions
based on information. They also monitor their progress, and use
information to target their resources in order to make the best use of
them.
Businesses will not prosper if decisions are made based on information that is not up-to-date. Inappropriate decisions may be made if important information is missing. If information is not understandable by the people who make decisions, then it is useless.
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Businesses need a competitive advantage over their rivals. | |
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The quality of information is so important that businesses and
organisations are willing to spend a lot of time
and money in making sure their
information is good.
The cost of good information to a business will be incurred ...
These costs may be...
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