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Summery of “The Value Of Information”

11 Mar

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!

The Importance of having Sufficient information.

10 Mar

In this, my fifth blog, I am going to talk about why it is vital for an organisation to have sufficient information. Sufficient information is just having the right amount of information on the certain topic. Everything will run smoothly if the business has sufficient information, things start to get messy when there is a shortage. When a shortage of relevant information occurs, this prevents the organisation from making the best possible decisions which in turn will cause there projects to be generally unsuccessful.

Organisations can save a lot of time and money if they research the actual amount of information they need rather then getting too much or not enough. Each unit of unnecessary information cost the company money, if the amount of units are too large they can sometimes cause the company to run into serious financial difficulty.

It will, over time, benefit the company a lot if they take time to gather the sufficient amount of information. It is in their benefit to do the research as it will help them to turn proposed projects into very profitable ones.

The Value of Information- Decision Making

10 Mar

In this blog I am going to discuss the value of information when making important decisions. I will also use the example of a sports club.

Firstly, when making a decision it is imperative that you gather the correct information and analyse it. Only after all this information is collected and analysed can you make the best possible decision. Information is what separates making either a  good decision or a bad decision and I feel this is true in every area of work. Making a rash decision, in business especially, can have drastic effects, e.g causing your company to go bust.

It is very important that sports clubs research relevant information when making decisions for a number of reasons. They need to ensure that the decisions they make will benefit all the members of the sports club. One example of when the club would  need to gather information  is when they are planning trips. It is vital they research all the costs to make sure they don’t over or under charge the members. By doing the research before they make decisions, they can ensure that all decisions are made in favor of the members.

The importance of Relevant Information.

9 Mar

Hi everyone, this is my third blog and in it im going to discuss the importance of relevant information in relation to the topic “the value of information”.

In my opinion, I feel that its very important that organisations collect and gather information that is relevant to their firm. If firms are not careful and they gather information that is not relevant to the topic, then it’ll be worthless and a waste of precious time. Getting the correct information can be the difference between a firm making profits and a firm losing a lot of money.

There are many negative results that can occur because of firms basing their decision on irrelevant information. One of these is that the firm can become bankrupt. If a firm put a large amount of their money into a project and at the end if the gathered information is not relevant to the project the firm will stand to loose all their money. E.g. A firm looking to introduce a new product send out a survey to find out what people are currently looking for in a new product but instead they only find what people don’t want in a new product. This information will lead to firm to create the wrong product.

Firms,when gathering information, need to do check-ups regularly to  ensure that they are collecting relevant information. By doing so they are making sure that there time and money is not being wasted and they are on right on track.

The Importance of Time

6 Mar

In this blog I am going to discuss the importance of time in relation to ” The Value Of Information”.

It is key for an organisation to deliver information on time, when making decisions, to ensure they have enough time to analyse everything and make the best decision. With the company getting early information, they can see what consumers are looking for and this will allow them to make the decision which benefits both the consumer and the organisation. E.g. Creating a new product based on the results of a survey.

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Information arriving late can have a very negative effect on an organisation. It could cause the organisation to miss out on becoming a market leader and creating a monopoly because some other firm got their information together quicker and were able to create a product/service which filled the niche in the market.

 

Another member of my group previously stated in one of their blogs that, ” It is important that duties are performed in the most time efficient manner in an organisation”(sad111510923). They also noted that setting goals and attaching deadlines to these goals was one of the duties. By setting a goal you give your employee a target to reach, normally if the target is reached either before or on time a reward is given. This will motivate the employee to finish the job on time and to a high standard. Eventually the manager will be left with high quality information that has been delivered on time, which will give them the best chance of gaining domination in the market.

 

 

The Value of Information

1 Mar

This blog will go through the Value of Information , list out its characteristics and then go through the first characteristic.

information2In order for me to first discuss the Value of Information, it is necessary to give a definition. Information can be defined as the ” maximum price one should pay for knowing the actual value of an uncertainty, before deciding on a course of action”. Information itself can be viewed as raw facts, which have been gathered to explain a certain topic or person. Gathering good clear information is essential for an organisation. However over time the value of gathered information decreases.

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For Information to be labeled as “good information”, it must first contain five charactheristics. These are as follows:

  1. Accurate
  2. Timely
  3. Relevant
  4. Just Sufficient
  5. Worth Its Cost

This next section will  deal with Accuracy.

Information must be accurate and relevant for the person using it in order to make good effective decisions. Making these good decisions will allow an organisation to meet the needs of the consumers. Organisations which are able to collect accurate information and use it effectively will always stay one-step ahead of their competition, which will allow them to make the most profit.

In my next couple of blogs I will go onto discuss the other charactheristics.

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