Christopher E- As Applied Ict 06/07

Information Value:
Good information ( that is timely, accurate, up-to date, complete etc) adds value to the organisation in the following ways:

• To aid decision-making: provides better surafce for essential decisons hence improving organisation`s succesfulness
• To monitor and control: This process may enhance the company as information will help the organisation stay informed and ensure overall efficency generally.
• Target resources: information about customers' buying habits are extremely valuable etc and can help the company become more profitable.
• To gain competitive advantage: information will alow indication of the strenghts and weaknesses and help improve its competitive edge.

To conclude information needs to be of good standard to add value to the company and more so, incure cost.

Information Cost:

In order to produce good quality information, data must be...

• Data collection: Data collected directly for example questionnairs or indirectly were a third party may have to recieve payment to gain acces to the information in their possesion.
• Data entry: Data will take some time to add and in such a case operators may be paid to do so.
• Data processing: Once the data is entered it must be proccesed which will need software, costing money and improve the organisations ICT resources.
• Data maintainence: Similarily their are costs envolved ensuring data remains accurate and up to date, this will only occur if changes are reported and the appropiate records are amended. This involves communicating with cutoimers and verifying that their details are correct.

To summarise; to produce good quality information this will ineviatble cost in terms of time, money and human resourcesn