Question

In: Finance

What data characteristics are necessary for quality information?

What data characteristics are necessary for quality information?

Solutions

Expert Solution

Five characteristics of high quality information are
accuracy
completeness,
consistency
uniqueness
timeliness.

Information needs to be of high quality to be useful and accurate.  The information that is input into a data base is presumed to be perfect as well as accurate.  The information that is accessed is deemed reliable.  Flaws do arise with database design but do not let something in your control, accurate and reliable data, be one of them.  A database design that is accurate and reliable will help achieve the development of new business ideas as well as promoting the organizational goals.

Completeness is another attribute of high quality information.  Partial information may as well be incomplete information because it is only a small part of the picture.  Completeness is as necessary as accuracy when inputting data into a database.

Consistency is key when entering information into a database

Uniqueness is the fourth component of high quality information.  In order to add value to any organization, information must be unique and distinctive.  Information is a very essential part of any organization and if used properly can make a company competitive or can keep a company competitive.

A fifth important aspect of information is timeliness.  New and current data is more valuable to organizations than old outdated information.  Especially now, in this era of high technological advances, out-of-date information can keep a company from achieving their goals or from surviving in a competitive arena.  The information does not necessarily need to be out of date to have effect, it just needs to not be the most current.  Real-time information is an element of timeliness.

Thanks


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