The Value of Information – Sufficiency

24 Feb

yesnomaybe-293x300According to Curtis & Cobham as mentioned in my previous blog post on 01/02/2013 the characteristics of good information are as follows:

  • Accurate
  • Timely
  • Relevant
  • Just Sufficient
  • Worth its cost

Having already discussed the first 3 characteristics in my previous blog posts I will now move on to the fourth characteristic and discuss its importance and value to an organisation. The topic is that information must be sufficient just sufficient to make the required decision. The Information needs to be sufficient for the purpose for which it is generated.  A business manager and indeed an organization needs to know what information to use and what information to ignore.207_copy_2

Applying this characteristic to an organisation whether it be large or small, organisations require information that is sufficient in order to deal with the task at hand, information that is excess to requirements is simply discarded or may be stored in an information system for review and/or use at a later date. The extra information stored within an information system may be used at a later date, however prior to its use it will have to be reviewed in order to see if it is still valid given the changes that may have occurred in the marketplace.43927

I recommend that readers of this blog post watch the BBC Hardtalk video it is relevant to this topic only for the first 18-19 minutes so please disregard the rest but throughout those 18-19 minutes consider the amount of work that went in to gathering the information that is delivered and presented to the viewer. The information provided as you may notice is sufficient to answer the questions asked by the interviewer, this is also the case in business practice, you process information for the task at hand. One key factor that will influence the effectiveness of this information rests with the person or indeed people who will use the information, in essence will they be able to “connect the dots”. It may be considered a failure and a waste of organisations resources if those tasked with using the information cannot integrate and understand the information that we already have.

http://www.youtube.com/watch?v=64l769t4rdk

References

Curtis & Cobham, 2001. Business Information Systems; Analysis, Design and Practice: Fourth Edition.

http://www.youtube.com/watch?v=64l769t4rdk

Note: The images/video used in this blog post remain property of their respective copyright holders and no copyright infringement in intended, it is purely for illustrative educational purposes.

Thank you

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4 Responses to “The Value of Information – Sufficiency”

  1. sad112759089 February 24, 2013 at 7:53 pm #

    Really enjoyed your blog! I also took a look at the video and found it very interesting!

  2. sad111353781 February 26, 2013 at 6:40 pm #

    Really interesting Blog🙂

  3. sad111359681 March 5, 2013 at 10:30 am #

    The video was very effective! good work buddy!

  4. sad111540267 March 8, 2013 at 11:30 pm #

    Very interesting!

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