With this being my final blog I decided to give a brief summery on the topic ” The Value of Information”.
From doing this project I now understand that information is vital for organisations to become a market leader and to be able to earn the maximum profits available. Whether it is just acquiring the relevant information or the sufficient amount, firms need to ensure they research that information fully. Any “half-assed” attempts when acquiring information will have a negative effect on the topic/project. I have also learned that its not only business firms that benefit from acquiring information, but that schools and sports clubs etc do to.
Firms need to ensure that any information gathered contains the five characteristics, ( accurate, timely, relevant, just sufficient, worth its cost), so that it can be considered good information. It not worth the firms time to make decisions using information that does not contain these elements.
I have found that one way “good information” can aid a firm is when they want to learn more about their competition. This information can be key for firms trying to get one-step ahead of their competition. Another area in which information can benefit a firm is if they are looking to expand, it is essential to gather enough “good information” to see if its financially favorable to expand.
Overall I have enjoyed completing this project as it has helped me to understand “The value of Information” a lot more by making me go and find out about it myself.
I hope ye have enjoyed reading my blogs over the past few weeks!