Information Systems
College of Business Administration
University of Missouri - St. Louis
Measures of the Value of Information


Timeliness
is it there soon enough to be meaningful

Sufficiency
completeness
is there adequate information for the purpose intended
Issues: sample size; time horizon

Level of Detail or Aggregation
are the data broken down into meaningful units

Redundancy
this can be a problem if there is too much redundancy or too little redundancy

Understandability
practicality
simplicity
minimization of perceptual errors
difficulty with encoding

Freedom from Bias

Reliability
are you sure the information is correct
verifiability

Decision-Relevance
predictive power
significance

Cost-efficiency
need to consider the change in the decision behavior after obtaining the information minus the cost of obtaining it

Cost-effectiveness

Comparability
consistency of format
consistency of aggregation
consistency of fields

Quantifiability

Appropriateness of format
medium of display
ordering of the infroamtion
graphical vs. tabular display

Quantity: more is not better!



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