6.1 Information Resources

6.1 Information Resources - Information Resources for...

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Click to edit Master subtitle style Information Resources for Business
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True or False? Decision makers don’t have enough information. It is better to have too much information than too little. Decision makers know what information they need. Decision makers can get good information if they are willing to pay for it.
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Overview What is the difference between data and information? How do we create information? How does information create value? How are information resources different from other corporate assets? What are the four major areas where conflicts about information arise?
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What is the difference between data and information? Data are raw facts: a persons birthdate the current selling price of angus beef loin the name of a product Information is data that has been transformed and is useful for decision making: the average price of gasoline this week the totals sales by a division this quarter the number of employees who are retiring this month
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How value is created in business? Inputs Processing Outputs Raw materials? What is done to them? What are the finished goods? If the business is a furniture store, what are the inputs, processing and outputs for this firm?
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How do we create information? Data Processing Information -Raw facts -Pay rate -Hours worked -Deductions -Sorting -Grouping -Calculating -Summarizing -Averaging -Converting to graphic form -Weekly Salaries -Payroll -Paychecks -Detailed and Summary Reports -Charts and Graphs
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How does information create value? Information has value if it Is current/timely Is relevant to the decision at hand Is accurate Is relatively complete Is unique, something your competitors don’t have
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Good Information Reduces Uncertainty Good Information Reduces Cost Good Information Saves Time Good Information Improves Decision Making Good Information Provides Clues to Customer Satisfaction
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How are information resources different from other corporate assets? The good news:
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6.1 Information Resources - Information Resources for...

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