The Value and Importance of Information

The Value and Importance of Information

1. The cost of information

   • Time
     • Collecting the data directly and indirectly. A organisation has to produce a way of collecting info e.g. creating forms, questionaires. Buy information or pay a third party access to data.
   • Money
     • Data processing - Data needs to be processed into info, hardware and software need to be purchased to to this
     • Data Information - Organastion maintains database of its customers, needs to be accurate and up to date.

2. Human Resources

   • Keying in - Data keying takes time and staff paid to do it.
   • Direct Input - Automated methods such as bar code readers, OMR. Specialised hardware needs to be purchased and staff trained.