The Value of Information > Frameworks

1 Mar

Hey there Bloggers,

During the week i was looking back over some of my college notes from last year and i came across my accounting notes. This got me thinking on how account was really just another form of producing information so that it can be used in a practical way to make decisions within a firm or house hold and whatever needs be. so i started looking for articles and found one that explains it in accounting terms.

As Feltham states “Accountants and other information producers must play a key role in decideing which information should be produced.” In other words they need to decide which information is going to most VALUABLE in making futur decision. So in order to produce the information they must first have general idea of what information they are looking for and it is this that will determine what system they will put in place to go about getting that information. For example In market reseach you wouldn’t do a servey to find out what was wrong with a product you would first do some interviews to get some ideas to put as suggestions in the servey rather than making them up. So realistically when dealing with information gathering there is process which has to be followed other wise there isn’t very much value to you information. Like a honey combe where there are structures in place to get from A to B but as the route may not always be clear there is always some way to get there using the links.

We see here in the next quotation Decker says that basically you do not retrieve information you AQUIRE it which in it’s own instills more value to the information.

“Information Gathering IG is an activity involving pro-active acquisition of information from possibly heterogeneous sources in response to a complex query that may require the system to possess capabilities such as reasoning representation and inferencing The set of data that represents the best response to a user’s query may be the aggregation of data acquired from distributed hetero-geneous information sources.”

references:

Feltham, Gerald A. “The value of information.” The Accounting Review 43.4 (1968): 684-696.

Decker, Keith, et al. “MACRON: an architecture for multi-agent cooperative information gathering.” Proccedings of the CIKM-95 Workshop on Intelligent Information Agents. 1995.

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One Response to “The Value of Information > Frameworks”

  1. sad111408872 March 10, 2013 at 9:12 pm #

    interesting blog especially the part on having to use information which will be the most valuable

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