Caribbean Secondary Education Certificate - Information Technology/The Characteristics of Information

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Measures of the Value of Information

  • Timeliness - is it there soon enough to be meaningful
  • Sufficiency
    • completeness
    • is there adequate information for the purpose intended
    • Issues: sample size; time horizon
  • Level of Detail or Aggregation
    • are the data broken down into meaningful units
  • Redundancy
    • this can be a problem if there is too much redundancy or too little redundancy
  • Understandability
    • practicality
    • simplicity
    • minimization of perceptual errors
    • difficulty with encoding
  • Freedom from Bias
  • Reliability
    • are you sure the information is correct
    • verifiability
  • Decision-Relevance
    • predictive power
    • significance
  • Cost-efficiency
    • need to consider the change in the decision behavior after obtaining the information minus the cost of obtaining it
  • Cost-effectiveness
  • Comparability
    • consistency of format
    • consistency of aggregation
    • consistency of fields
  • Quantifiability
  • Appropriateness of format
    • medium of display
    • ordering of the information
    • graphical vs. tabular display
  • Quantity: more is not better!