Skip to main content

ATTRIBUTES OF THE INFORMATION

  1. THE ACCURACY IN REPRESENTATION - The test of accuracy is how closely it represents a situation or event. The degree of precision will decide the accuracy in representation.
  2. THE FORM OF PRESENTATION - Forms are qualitative or quantitative, numeric or graphic, printed or displayed, summarized or detailed. Appropriate form is important.
  3. THE FREQUENCY OF REPORTING - How often the information is needed? How often it needs to be updated?
  4. THE SCOPE OF REPORTING - The coverage of information in terms of entities, area and range, and the interest shown by the recipient or the decision maker.
  5. THE SCOPE OF COLLECTION - Internal from organization or external to organization.
  6. THE TIME SCALE - It may relate to the past, the current and the future and can cover the entire time span.
  7. THE RELEVANCE TO DECISION MAKING - The information has relevance to a situation and also to a decision making. The irrelevant information is a data.
  8. COMPLETE FOR THE DECISION CONSIDERATIONS - The information which covers all the aspects of the decision situation by way of scope , transactions and period is complete.
  9. THE TIMELINESS OF REPORTING - The receipt of information on time or when needed is highly useful. The information arriving late , loses its utility as it is outdated.

Labels:

Comments

Post a Comment

Popular posts from this blog

Advantages and Disadvantages of EIS Advantages of EIS Easy for upper-level executives to use, extensive computer experience is not required in operations Provides timely delivery of company summary information Information that is provided is better understood Filters data for management Improves to tracking information Offers efficiency to decision makers Disadvantages of EIS System dependent Limited functionality, by design Information overload for some managers Benefits hard to quantify High implementation costs System may become slow, large, and hard to manage Need good internal processes for data management May lead to less reliable and less secure data
1 comment
Read more

Inter-Organizational Value Chain

The value chain of   a company is part of over all value chain. The over all competitive advantage of an organization is not just dependent on the quality and efficiency of the company and quality of products but also upon the that of its suppliers and wholesalers and retailers it may use. The analysis of overall supply chain is called the value system. Different parts of the value chain 1.  Supplier     2.  Firm       3.   Channel 4 .   Buyer
Post a Comment
Read more

Big-M Method and Two-Phase Method

Big-M Method The Big-M method of handling instances with artificial  variables is the “commonsense approach”. Essentially, the notion is to make the artificial variables, through their coefficients in the objective function, so costly or unprofitable that any feasible solution to the real problem would be preferred, unless the original instance possessed no feasible solutions at all. But this means that we need to assign, in the objective function, coefficients to the artificial variables that are either very small (maximization problem) or very large (minimization problem); whatever this value,let us call it Big M . In fact, this notion is an old trick in optimization in general; we  simply associate a penalty value with variables that we do not want to be part of an ultimate solution(unless such an outcome is unavoidable). Indeed, the penalty is so costly that unless any of the  respective variables' inclusion is warranted algorithmically, such variables will ...
Post a Comment
Read more