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

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!