Characteristic of good information

 Characteristic of good information

Characteristics of good information can be expressed in terms of reliability, accuracy, timely, cost effective, relevance, user friendly, and concert. Information is obtained by processing the data. In simple term information is processed data. Following are the important characteristic of good information

1.    Reliable Information

First characteristic of good information is reliability. It means that information being used for decision making can be trusted. Reliability of information mainly depends on the source of information. Your friend is telling US GDP is $ 100 billion and a reputable Television analyst says it is $ 1,000 billion per year, and then second information is more reliable because of its source.

2.    Accuracy

Second characteristic of good information is its accuracy. This concept is related to the accurate processing of data. Only accurate information can be used for decision making. For example financial report showing a loss of $ 10 million, then management can used this information for major restructuring, later on it is discovered that it was wrong information and actually organization earned $ 5 million profit.

3.    Timely Information

        Third character of good information is its timely provision. Information can be used for             decision making only, if it is provided on time. Delayed information has no usage for                 management. For example an audit account is required for a proposal submission, this             information was not available till the closing date, and then information provided on next           day has no usage.

4.    Cost effective

Fourth character of information is it cost effectiveness. This can be judged by performing cost and benefit analyses. For example information is required for analyses can be obtained from secondary source (professional magazine) at cost of $ 100 (price of magazine), and other wise information can be collected by organization spending 10 million dollar.

5.    User friendly

Fifth character of good information is its user friendliness. Information should be arranged and presented in way, that it is easily be understandable by the user. It is