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Valuing Organizational Information, VS - Coggle Diagram
Valuing Organizational Information
Information is everywhere in an organization
Employees must be able to obtain and analyze the many different levels, formats, and granularities of organizational information to make decisions
Successfully collecting, compiling, sorting, and analyzing information can provide tremendous insight into how an organization is performing
Levels, formats, and granularities of organizational information
Transactional information
encompasses all of the information contained within a single business process or unit of work, and its primary purpose is to support the performing of daily operational tasks
Organizations capture and store transactional information in databases and use it when performing operational tasks and repetitive decisions such as analyzing daily sales reports and production schedules
withdrawing cash from an ATM,
purchasing stocks
making an airline reservation
Analytical information
encompasses all organizational information, and its primary purpose is to support the performing of managerial analysis tasks
Analytical information examples include trends, sales, product statistics, and future growth projections
Analytical information also includes external organizational information such as market, industry, and economic conditions
Analytical information is used to make ad-hoc decisions
The Value of Timely Information
Timeliness is an aspect of information that depends on the situation
Real-time information – immediate, up-to-date information
Real-time system – provides real-time information in response to query requests
The Value of Quality Information
Business decisions are only as good as the quality of the information used to make the decisions
You never want to find yourself using technology to help you make a bad decision faster
Characteristics of High Quality Information
Accuracy
Completeness
Timeliness
Consistency
Uniqueness
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