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Good Quality Information - Coggle Diagram
Good Quality Information
Uses of Good Quality Information
Monitor a progress
Target resources effectively
Help make good management decisions
Gain a competitive edge
Characteristics of Good Quality Information
Up-to date
Dated information may be worse than useless to a business
A credit card company unaware that a customer has moved will send bills to the wrong address, which could lead to bills not being paid.
Relevant
Information needs to be relevant to its intended use
A study of female buying habits will be largely irrelevant when targeting male customers
Complete
Incomplete information can be as damaging as it may give an organisation a misleading picture on which they base decisions off.
Not including the full postcode on a letter could result in the letter being received late or not at all.
Understandable
Information should be in a format that the reader can understand quickly
Managers may need to make rapid decisions
Accuracy
Information from a computer system must be accurate or it may lead to problems!
Incorrectly recorded stock levels may lead to empty shelves
Reliability
If the information source is reliable the organisation doesn’t need to spend as long checking the validity of information
a reliable news source and can charge more for information