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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