LO1 Good information
Explain each characteristic of goof information
1.
Valid – Information that is correct
-
Example : Information supply by a governing
body, National statistics
2.
Reliable – information that you can rely on as
being correct
-
It will be from a valid and trusted source
-
Example : information supplied by sales
department to the financial department
3.
Timely -
information that is from the correct time period
4.
Fit for purpose – information the is relevant to
what you need it for
-
Examples
5.
Accessible – information that is stored in a way
that is can be easily accessed at any time
-
Example : website
6.
Cost effective – information that is worth
investing the time and money to get help make business decisions
-
Example : survey
7.
Sufficient –Accurate information helps business
make the correct decisions
-
Example : if a sales department sales figures
this might result in incorrect tax calculation for the company that would put
them in danger.
8.
Relevant – information that is directly related
to your business need
-
Example : student detail, name, age, address
9.
Having the right level of detail – if someone
requests information from you having the
correct level of detail is very Important
-
Example : right information
10.
From a source in which the user has confidence -
Obtaining information for a business purpose means that you must obtain it from
a reliable and trust worthy source
11.
Understandable by the user – information that is
used for a business purpose need to be understandable by the end user
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