INFORMATION, CONTROL, AND PRIVACY Flashcards
the total means available to a company for increasing production or profit, including land, labor, capital, and raw materials.
Resources
defined as “facts about something or someone that are provided or learned.”
Information
are considered relevant truths which have been validated and identified.
Facts
Information as a Resource:
Expandable
Compressible
Transportable
Diffusive
Sharable
Information can be expanded without compromising its integrity. In fact, by having additional information, much more can be understood from it. An example is a person’s personal information.
Expandable
Although expanded information can give a more detailed explanation, it may not always be needed. An example of this is in news sites. Instead of a barrage of details, news sites would often give one-liner headlines that provide enough information about the news.
Compressible
Information, especially digital information, is easily various transportable. With the use of the internet and technologies, information can be sent though any of the following:
*send via email
*share via Facebook
*copy onto a flash drive
*upload on YouTube
Transportable
Gossip or rumors tend to spread easily. Unfortunately, the same applies to any kind of information—be it true or not.
Diffusive
Information is not all different from other resources. Similar to how physical resources are managed, information is considered valuable and also has a life cycle. It begins with transforming raw materials into a finished product—processing data to come up with valuable information. Weather forecasting is one such example.
Sharable
Characteristics of Valuable Information:
Accurate
Complete
Economical
Reliable
Flexible
Relevant
Simple
Timely
Verifiable
Accessible
Secure
_____________ information is error-free.
Accurate
_____________ information contains all the important facts.
Complete
Information should be relatively ____________ to produce.
Economical
__________ information can be depended on.
Reliable
In some cases, inaccurate information is generated because inaccurate data was processed. Analysts call this as __________________.
“garbage-in-garbage out.”
Reliability is dependent on:
the validity of the data collection method
the source of information
_____________ information can be used for different purposes.
Flexible
_________ information is important to the decision-maker.
Relevant
Information should also be __________, not overly complex.
Simple
________ information is delivered when it is needed.
Timely
This means that information can be checked for correctness and authenticity.
Verifiable
Information should be easily ___________ by authorized users to be obtained in the right format at the right time to meet their needs.
Accessible
Information should be ________ from access by unauthorized users.
Secure
helps managers make good decisions which is why valuable or useful formation is called knowledge.
Valuable Information
Information, as a resource, has four characteristics, namely it
(1) has zero marginal cost;
(2) is non-rivalrous;
(3) is non-exclusive. and
(4) does not exhibit high degrees of transparency
The cost of producing the first copy of an information good may be substantial, but the cost of producing (or reproducing) additional copies is negligible.
Zero-marginal cost
Simultaneous consumption of information by consumers is possible. Movies nowadays are sold not only as DVD copies. There are also digital formats which anyone can watch online or download on their mobile devices, either as a rental or paid subscription.
Non-rivalrous