Welcome 🙂 This is my third blog and I will begin to post them more frequently over the coming week as we approach the deadline.I will emphasize the importance of relevant information.A fellow group member ended his previous blog by saying ‘informmation must be accurate and relevant for the person using it in order to make good effective decesions’-sad111511053. I will continue with this through out the blog. If information is not relevant then it is almost worthless.If the wrong information is included in business affairs then this can cause a lot of damage to a firm.
Take an easy example of how information needs to be relevant. Assume you are given a question in an economics to describe the shape and factors that influence a demand curve but you decide to write about the supply curve,it would not be relevant as you are focusing on the wrong thing. You must have relevant information,at a relevant time,with relation to a particular topic.
Where firms can often run into trouble is by spending money and valuable time on irrelevant subjects that are in no way related to the runnings of a firm. The two main area’s to focus on to investigate if the information is relevant are cost’s and benefit’s.Is there an overall advantage by getting this information and will it improve the financial position of the firm? Are the decesions made based on this information the right ones? A threat as a result of focusing on irrelevant information is bankruptancy.
Thank you for reading and please continue to read the remainder of my blogs.