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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