2.3 Quality Of Information Flashcards
Information characteristics
Valid information
Correct, up to date and information that fits its purpose
Correct
Up to date
Fits its purpose
information characteristics
Biased information
Slanted information
Presents a one sided view
Information characteristics
Reliable information
Source that can be verified and can be confirmed to be correct
Verified
Confirmed to be correct
Information characteristics
Relevant information
Appropriate for the required purpose
Irrelevant info can affect decision making
Information characteristics
Accurate information
Carefully selected
Entirely correct info
Inaccurate info leads to unwanted consequences e.g high costs, missed deadlines
Information quality
Good quality information:
Accurate
Valid
Reliable
^ Lead to better decisions, meeting deadlines, innovations
Poor quality information:
Biased
Inaccurate
Out of date
^ negative consequences such as:
Loss of customer trust
Fines
Legal challenges
Positive effects of good quality information
Reliable information from management team
Leads to:
Informed decisions with a higher chance of success
Good quality research
Leads to:
An innovation and better understanding
Good quality sales information
Leads to:
Strategic decisions and planning ahead
Accurate cost projection
Leads to:
Projects staying within their budget
Accurate time expectations
Leads to:
Projects completed on time
Negative effects of poor quality information
Biased survey + Inaccurate results
Leads to:
Misinformed decisions + Not responding to customer needs
Inaccurate stock info
Leads to:
Inaccurate delivery times
Customers unhappy
Out of date info received by management team
Leads to:
Miss out on opportunities, fall in profits
Inaccurate data = Poor reviews online
Leads to:
Loss of customer trust
Financial issues
Reputation issues
Inaccurate time expectations
Leads to:
Projects take longer
Cost more
Stakeholders unhappy
Possible project failure
