The Source & Characteristics of Business Information

1. The Source & Characteristics of Business Information By Dominique Stainton

2. Data • Data – is a collection of raw facts and/or figures that have yet been processed, manipulated or interpreted into useful information. Once the data has been processed, it can be considered to be information

3. Information • Information – is therefore data that has been manipulated so that some meaning can be derived from it

4. characteristics • Data is therefore processed and becomes information Data Information Processing

5. Qualitative data • Involves data/information that cannot be measured in the usual way. As such, it is usually in some sort of narrative form (spoken or written).

6. Quantitative data • Is data or information that can be measured numerically and can be proven as fact.

7. Primary data • Is data that you (or your organisation) gathers and interprets yourself. An example might be that you do a survey among your customers about the quality of service your organisation offers

8. Secondary data • Would be where another organisation uses the data you have collected and interprets it for other purposes (for example, in a comparison of customer satisfaction for a number of organisations offering the same type of service)

9. Characteristics of good information • Valid • Reliable • Timely • Fit for purpose • Accessible • Cost effective • Sufficiently accurate • Relevant • Understandable

10. Task • Create a presentation that discusses the different types of data and also the characteristics of good information in detail