The Value of Information

[sunandaC]

The Value of Information

• Information can be useful, but what determines its real value to the organization? In general, the value of information is determined by:
• The ability and willingness to act on the information.
• The accuracy of the information.
• The level of indecisiveness that would exist without the information.
• The amount of variation in the possible results.
• The level of risk aversion.
• The reaction of competitors to any decision improved by the information.
• The cost of the information in terms of time and money.



Characteristics of Valuable Information
 Relevance
 Quality
 Timeliness
 Completeness

Basic Questions -
 How much will the study cost?
 Is the time frame acceptable?
 Is outside help needed?
 Will this research design attain the stated research objectives?
 When should the research be scheduled to begin?

 

[jitendra05]

The Value of Information

• Information can be useful, but what determines its real value to the organization? In general, the value of information is determined by:
• The ability and willingness to act on the information.
• The accuracy of the information.
• The level of indecisiveness that would exist without the information.
• The amount of variation in the possible results.
• The level of risk aversion.
• The reaction of competitors to any decision improved by the information.
• The cost of the information in terms of time and money.



Characteristics of Valuable Information
 Relevance
 Quality
 Timeliness
 Completeness

Basic Questions -
 How much will the study cost?
 Is the time frame acceptable?
 Is outside help needed?
 Will this research design attain the stated research objectives?
 When should the research be scheduled to begin?

Hey sunanda, thanks for sharing the information and i am really impressed by your effort and also appreciate it. Well, i have a document which would explain the real value of information. So please download and check it.