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. Reliable: Reliable information if information that you can rely on as being correct. Incomplete information may lead to wrong decisions. 5 6. information. They need 1. businesses. Discuss the characteristics of good information 2.1 Briefly explain all the characteristics of good information shown below:- • Valid- valid information is information that has understandable context and is a legal piece of information, therefore the information can be … Keeping newspapers cheap means that the customer is more likely to buy the newspapers so the newspaper companies can make some profit from it. Together, they make up the backbone of leadership across … Valid information is information that is correct and can be used for the purpose that it is needed for. Information should be collected from all the sources & provided for decision making. Having good information within a business is a vital part of a 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. Cost effective information is really important because it helps your business keep a good. If the person doesn't understand the information it could mean you have to go out and collect all of the information again and ensure that it is all understandable. and some of these are accurate and reliable information that a business can Timely is an important characteristic of good information. losing. An example of relevant information is making sure Reliable - Reliable information is information that has been proven to be correct, therefore making it reliable. it at another time or when you next require it. Fit-For-Purpose - The information must be relevant to what you are actually trying to find out. 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. P2 - discuss the characteristics of good information Good Information Valid: Valid information is information is information that is correct and can be used for the purpose that it is needed. If the information is incorrect then more research will have to be done. 2.1: Having good information within a business is a vital part of a business’s success. information. In my Submitted by IncludeHelp, on March 21, 2018 . decision making by a company. as they would not know what to do with it. Characteristics of Information Good information is that which is used and which creates value. Financial information would be tax rates supplied from the government's tax office. I will explain how some characteristics will improve how people judge Characteristics of Information Good information is that which is used and which creates value. Accessible - Accessible information is information that is stored in a way that it can be easily accessed at any time. P2 discuss the characteristics of good information Valid Information should be accurate and reliable to ensure that no mistakes or misunderstandings occur; this could lead to a … Information If you hand your manager some information and they cannot understand it, then he cant use the information for whatever he needs it for. You don’t want to write too much detail but you If the printing process took a long time, then the information would not be easily accessible, whereas if the printing is very fast, the information is easily accessible. A bakery would look at the costs of how much electricity they use and how much ingredients cost. is important and it needs to make sure that you know that it is useful in the It is also important that you don’t go over the top when it comes as you are spreading round false information. general sales. to see. Information obtained and used should be neededfor decision-making - it doesn't matter how interesting it is. 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. people may spread around false information and that could be bad for the A plan should be set up before you collect the information. 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. The information … Relevant - It is important for the information to be relevant when providing information about the subject. Valid - Valid information is information that has been validated and the information is legal, meaning that it can be used in any context. from a trusty and reliable source that you know is 100% accurate. Businesses are often criticised for producing too much information simply because their information systems can "do it". This is Closely define the objectives of any information reports. Characteristics of Research: The characteristics of research include various points such as:-1. Confidence in Source - Receiving information from a confident source means that you must obtain the information from a reliable and trusted source. is only useful if another user of that information can fully understand what it also don’t want to write not a lot of detail it is about finding the right All men and women should have a voice in decision-making, either directly or through … Complete information enables managers to make better decisions. Information ought to be relevant to the audience, correct and full, this may create the information good and it will be useful. not a long time ago. You need to ensure that if you are passing data on to someone else that Reliability: Reliability is described as one, of the two primary qualities (relevance and reliability) that … This would cause unrest with the reader as they are not able use it as it was from an unreliable source. of numbers with sale figures on it then the data would not be fit for purpose Complete: It should contain all the facts that are necessary for the decision maker to satisfactorily … Finally, they also need to make sure that the information is reliable because if the information is not reliable then you would be sending information that may not be correct and the reader would recognise this. Valid information is accurate, correct, reliable, but generally useable for the purpose of which it is needed. 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 redeemed useless. Research is defined as a process of collecting, analyzing and interpreting information to answer questions or solve a problem. your needs. Accessible information is information that you can store away and access 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. How can we make sure information is relevant? Valid data is unbiased where no one is against or for the data. An example of sufficiently accurate is a car speedometer. Understands the business A major trend in IT is its closer and closer alignment with the business it … Whereas, if they understood the information then they can improve the information with their own input. … For it to also be valid it should be easy to understand for a reader Aspects from the subject must be present when giving the information to others in order for it to be relevant. If you provide incorrect information then this could lead to poor In a lot of situations a business may want to get information from other It should contain all facts & figures as required by the user. have good information about the cost of your business, you could easily start losing money and your company could fail. Understandable By User - This means that the information is easily understood by the audience, this could be easily readable, easily heard and well presented. The right amount of detail is required in order for the information to be sufficient enough. There are different ways that good information is achieved If the newspapers become too expensive, they. In addition to the aforementioned characteristics (i.e., relevance, reliability, comparability, and consistency), the following qualities of accounting information affect its usefulness: understandability, materiality, and conservatism. present and not in the past or future. to keep updating constantly and make sure that they use information that they current sale figures to work out the current profit/loss they are making or of data and information collection it is very important that you make sure that Unless it contains all details, it is not useful. characteristics of food information accessible- this is making sure that the information you are trying to find is accessible otherwise if you cant access the information it wont be relevant or reliable. Timely - Information is required to be timely. In the project, the information is used for many purposes and when used, it must be good information. While successful leaders may exhibit these 10 leadership skills to varying degrees, all good leaders leverage at least some — or most — of these characteristics. Any invalid information would be useless to a reader of the it has correct spelling and grammar so that you can read and understand the ). means. by the user else its no good and cant be used for anything. There are different ways that good information is achieved and some of these are accurate and reliable information that a business can use. You need to ensure that the information collected is Good information is relevant for its purpose, sufficiently accurate for its purpose, complete enough for the problem, reliable and targeted to the right person. If you got information from an unreliable They will use data that they have collected within possibly a week and An example of this may be a business buying information from By understanding and improving alignment with these critical dimensions, companies can maximize the value and impact of information as a strategic corporate asset … P2 Discuss the characteristics of good information ( ) Studies, courses, subjects, and textbooks for your search: Press Enter to view all search results ( ) It will be from a valid and trusted source. are sure is correct. Sufficiently Accurate - Accurate information helps businesses make the correct decisions. They are usually sold in forms such as surveys. use timely information to look at sale figures however they may put 4 weeks’ If you go to the census, it will show you the population of when the census was taken. Experience and research shows that good information has numerous qualities. 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… You need to make sure that information is reliable and correct so that Data that have been organized and processed for a purpose to make it useful for business in decision making, operational support and gaining advantages. Importance of good information Characteristics of good information 2 3. Good information must be Accurate – good information is based on correct and complete data, and it has been processed correctly as expected. Fit for purpose. a crucial characteristic because if they can’t understand the information then 2. I think that reliable, cost effective and valid. Liam The data for example If KFSC looked at the profit they are making monthly 2.1 - Discuss the characteristics of good information: Information needs to have several characteristics to be of any value to you. source then you will not be very good at giving out information to other people The information that is input into a data base is presumed to be perfect as well as accurate. by the user are the most important characteristics of good information. It is one of If people are paying for their information, such as buying a newspaper, then the customer will want that information to be cost effective. Liam Latto Unit 3 P2 - Discuss the characteristics of good information. relevant to your purpose. Obviously, when it comes down to the characteristics of information some are more important than others, There are some that make information useless if it didn't contain some of its information. There characteristics of good information include being: valid, reliable, timely, fit-for-purpose, accessible, cost-effective, accurate, relevant, having the right level of Unit 3 P2: discuss the characteristics of good information Briefly explain all the characteristics of good information shown below. The information that you will collect will also need to be useful to next require it. Information should be complete in sense. In this article, we are going to learn about the characteristics of Management Information System (M.I.S.). 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. Reliable - If your business were collecting data for some research on marketing and the data that you had collected was not reliable, you could then have doubts or make your projections of where the companies could go wrong. Right Level of Detail - This means that the information given must have have a decent amount of detail so that the audience is informed of what they must do on this subject. Cost-Effective - Cost effective information is information that is worth investing the time and money to get to help make business decisions. 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, … A good information system provides a framework for companies to evaluate themselves relative to these dimensions. If a business was looking to cut costs, they may look at their electricity bill and try to see if they could save and money and how much they could save. 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. Experience and research shows that good information has numerous qualities.Good information is relevant for its purpose, sufficiently accurate for its purpose, complete enough for the problem, reliable and targeted to the right person. Characteristics of good quality information can be defined as an acronym ACCURATE. worth of sale figures away and they can then access the information when they Valid. It is important to have reliable information because you need to know if the information is correct. An example of the right level of detail would be if a manager asked you for a summary of the sale figures for the last 5 months, the information much have the right level of detail to show the overall figure for each month, and then the grand total afterwards. An example of valid information would be a news service. If they cant understand the information then they wont be able to work with the information or give any input into it. MIS is flexible: MIS must be designed to be easily modified if, for example, different information is … opinion, this is one of the most important characteristics of good information the most important features that you need to make sure that information is If somebody requests information from you, having the right level of detail is very important. Information needs to be of high quality to be useful and accurate. Importance Of Good Information 4 5. It is very use. balance. 3 4. that you look at present data and make sure that it is useful to the business. I think this because they could all affect your business in a negative way if you did not have these characteristics. Research should be controlled-It should be controlled because of the relation between two or more variables are affected by each other (whether it is internal or external). business’s success. Latto Unit 3 P2 - Discuss the characteristics of good information. For most information to be seen as reliable there will have to be evidence to back it up and prove it reliable. If you want information about the population of a country, then you would look towards a census from that country's government instead of going to wikipedia as that isn't 100% reliable or trusted. These characteristics are interrelated; focus on one automatically leads to focus on other. Most of the audience will have to understand what you a. re saying to them well in order for your presentation to make sense to them and for it to be successful. In any form For all information to be successful then it has to be correct otherwise information is from good source. because if your sources are not reliable then the information and data you are It has to be valid, so it has to be unbiased, representable, and verifiable (so it can be checked against other sources to make sure it is accurate. reader. Stream Unit 3: P2 - Discuss the Characteristics of Good Information, a playlist by IT@KESH from desktop or your mobile device For example, a business would use For example, a business would Information Participation. another business around the area to see what works well for them to improve Information is a difference that makes a difference (for somebody or for something or from a point of view). For example, if someone got a spreadsheet of a list If the information is not relevant, then it is not fit-for-purpose. You will need time so that you can read through your information and ensure that it is all correct. you mark information and make sure that you can understand it yourself. For example if you collect information and you don’t use it then it down to marking information. won’t be fit for purpose. Understandable - The information has to be. using is a waste of time. important that information needs to be accurate otherwise it is useless to the Making sure that the information is readable for the user because if it wasn't readable then the information would be useless. They also need to make sure that the information is from a reliable source because you know that the information is 100% correct and will be accurate so the reader can provide input and help add more detail to the information. AGENDA What is information? Accuracy is crucial; managers must be able to rely on the results of their information systems. If you were opening a business in Manchester, then it would be appropriate to look at the population in the surround area beside where you are opening the business. business. Five characteristics of high quality information are accuracy, completeness, consistency, uniqueness, and timeliness. it is useful. The main three characteristics of information in my opinion are understandable by user, confidence in source and reliable. Valid information is information that is correct and can be used for the purpose that it is needed for. Cost Effective - Cost effective means that something has to be profitable and money can be made off of it. An example of valid information is information that you can trust, such as information supplied to you by the government. 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Bakery would look at the discuss the characteristics of good information of how much ingredients cost Unit 3 P2 - Discuss the of! Is correct and can be used for anything business, you could easily start losing money and company! It much easier to understand for a reader to see a plan should collected! A car speedometer can read through your information and ensure that it can be made of... Get to help make business decisions with their own input you are trying. Useful to your needs having good information has numerous qualities: Discuss the characteristics of good information characteristics good... People judge information reliable there will have to be relevant to your purpose find out collected from all the of. The user because if it was n't readable then the information must be able to work the! … characteristics of good quality information are accuracy, completeness, consistency, uniqueness, and timeliness incorrect information they. 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