Quality of information

Question 1

Info characteristics?

Answer 1

-Valid info. Correct + up-to-date + fits its purpose.
-Accurate info. Carefully selected and entirely correct.
-Relevant info. Appropriate for its required purpose.
-Reliable info. Source can be verified + confirmed to be correct.
-Biased info. Technically correct but slanted, presents one sided view.

Question 2

Information Quality?

Answer 2

• Good quality info that is accurate, valid or reliable can lead to better strategic decisions, meeting deadlines and innovation.
• Poor quality info that is biased, inaccurate or out of date may lead to loss of customer trust, fines and legal challenges.

Question 3

Positive effects of GQI?

Answer 3

• Reliable info received by the management team = more informed decisions with higher chance of success.
• Good quality research info = innovation and better understanding.
• Good quality sales info = strategic decisions and planning ahead.
• Accurate cost projection info = projects will stay within their budget.

Question 3

Negative effects of PQI?

Answer 3

• Biased survey with inaccurate results = misinformed decisions + not responding to customer needs.
• Inaccurate stock information = inaccurate delivery times and unhappy customers + too much/too little stock.
• Out of date information received by management = miss out on opportunities + possible fall in profits.
• Inaccurate data = poor reviews online = loss of customer trust + loss of customers themselves + reputation + financial issues.