Good information = Cost effective

9 Mar

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I hope you are all enjoying the information am providing you about the ‘value of information’. In this blog I will examine if companies are reaching the maximum information levels they should receive with the money they are giving out for this information. This is known as the ‘worth of cost’ or ‘cost effectiveness’. Are firms getting goods and services they deserve for the money they spend.  

It is important that you are cost effective when running a business because you can only use the information that is available to you. The challenge is to acquire superior materials, staff and  facilities without spending so much that profit margins are affected and keep the costs to a minimum. Some companies try to be cost effective by reducing the number of staff but this downsizing can result in extra pressure on staff and as a result, less profits. If you predict from the information that you have that benefits will exceed costs then the programme should be implemented. This video puts into clear focus how you can increase time and cost effectiveness
http://www.youtube.com/watch?v=RoMqQfz1eZY.

Sometimes businesses have to take risks in order to become more cost effective.They must examine the information available to them and then make risks based on this information.EG If theft was not a problem in the company in the past they may reduce the level of security on the grounds.

Bibliography:

Read more:  Cost Effectiveness in Business | eHow.com http://www.ehow.com/info_7933121_cost-effectiveness-business.html#ixzz2N5HeMmTv

http://0-www.bmj.com.library.ucc.ie/content/320/7229/246

2 Responses to “Good information = Cost effective”

  1. sad111708665 March 9, 2013 at 11:20 pm #

    Your blog is so true! Good information and communication seem to be the key to the success of I.S.. Thanks for your blog 😄

  2. sad111512527 March 10, 2013 at 7:43 pm #

    this blog is very insightful and very relevant to the modern day..good work!!

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