- Data are individual units of Informaiton
- Data are distinct pieces of information
- Examples are rainfall data , Temperature etc
- Information is processed data
- This is having a meaning and can be used to make a desicion or understanding
- Examples are Monthly report of Rainfall , Monthy sales report etc.
How to convert Data to Information ?
- By carring out some series of activities , we can convert data into information
- These activities involves mathematical operations or/ and tabulation operations etc.
- According to the above example , a definite procedure / guidance / rules are needed for the process of converting data into information.
- Before selecting data for the process , they could be examined to find out thier relevance or validity. Such examination is a prefix of the process.
- In order to improve the value of the information , the output of processed data will be organized with respect ot some relatioship to improve its value
What are the types of Inforamtion and data?
- Image data >> Graphics , Images and Pictures
- Audio data >> Sound , Noise or Tones
- Video data >> Moving pictures or images
- Alpha numeric Data >> Numbers , Letters, Characters
What are the Characteristics of valueble information?
- The value of the information is depend on the usefulness in desicion making process.
- This value can be judged based on a set of features that can be identified in information.
- They are as follows
- Accuracy - Accurate information is error free. Error can be caused due to various reasons. If there's some problem in knowledge required in process , the output may have error. At the same time if the data contains error , information also gets error. This is known as Garbage in Garbage Out (GIGO)
- Complete -Complete information contains eveything needed for the decision making process. Example - Annual Report
- Economical - Information should also be economical .Decision makers must always balance the value of information with the cost of production. For example if the collecting data takes lots of time and resources , its not economical.
- Flexible - Flexible information can be used for a variety of purposes. For example, Information on how much inventory is on hand for a particular part can be for
- a sales representative to determine the sales plan
- a production manager to identify possible constraints for the production
- a financial executive to calculate the current assets figures of inventory
- Reliable- Reliability of information describes the correctness of the information. If there are any problems with respect to correctness of data, it will definitely affect thereliability of information. For example, if the reliability of data collection method ispoor, it will directly affect the information that will be produced. For example, prediction of prices based on rumors (not past variance information),is not reliable.
- Relevant- The relevance of information is determined based on the usefulness of information with respect to the decision making process. For example, a drop in timber prices cannot be used to predict the price fluctuation in computers.
- Simple- Simplicity in the representation of information is also a very useful feature utilized to improve the usability of information in the decision making process. Too many information could affect the simplicity in the presentation. Therefore, it is better to provide interactive customization to determine simplicity. Providing too many information is known as information overloading.
- Timeliness- Decisions should be made at the right time to achieve effectiveness. Timely information refers to providing information at the right time. For example, if you canget to know today’s weather forecast before you leave home, you can decide whether to bring an umbrella or not.
- Verifiable- If it is possible to confirm the reliability of the information about its correctness (validate), it becomes verifiable Information. If you are not sure about a particular information (say foreign news) heard from a radio channel, you can search about it using the Internet.
- Accessible - Accurate information plays a major role in the decision making process of any organization. Therefore it is essential to be able to access the correct/ relevant information by authorized personnel at the right time to meet their needs.
- Secure - the value of information could be lost due to issues such as unauthorized user access or intentionally damaging its existence. Therefore, it is important to make steps to protect valuable data and information. For example, use of passwords to protect data and information.
Value of Information
- The value of the information is calculated with respect to it's usage compared to it's
