FUNDAMENTALS OF COMPUTER

Detailed explanation-1: -It does cost to produce quality information and decision makers in the organization must always balance the value of information with the cost of producing it. All cost factors of producing quality information must be considered so that cost is minimised with compromising the quality of information.

Detailed explanation-2: -Clear, understandable, and objective are all characteristics that make information easy to use.

Detailed explanation-3: -Information is valuable only when it is complete, accurate, timely and exclusive. In regulated industries, there is a great emphasis on using information that possesses this value for conducting day-to-day business.

Detailed explanation-4: -So, how do you determine the quality of a given set of information? There are data quality characteristics of which you should be aware. There are five traits that you’ll find within data quality: accuracy, completeness, reliability, relevance, and timeliness – read on to learn more.

Detailed explanation-5: -Value of information (VOI or VoI) is the amount a decision maker would be willing to pay for information prior to making a decision.