Data is the recording of any meaningful event in any understandable form. The methods used to collect and store the data, process the data into information and communicate the information all over the world is Information Technology.
This technology is a revolution sweeping across the world. It is interesting to know that 75% of all information generated in the entire history of mankind has been generated in the last 30 years.
Data, Instruction and Information.
Many of the events that occur are significant or meaningful to the organisation. When an event is significant or meaningful, we record it. Data is nothing but the facts and figures that record meaningful events occurring in an organisation.
Information on the other hand is processed data. Data is the raw materials for producing information. Information is the basis on which executives take decisions. Through we can conceptually differentiate between data and information there is no strict demarcation between these two. What is data to one person could well be information to another. Data is processed according to requirements and suitable instructions that are given.
Data Processing System:
Data is raw fact and figure which helps to process to produce the information.
“Information refers to an input of data processing which is organized and meaningful to the person who receives it”. For example, data concerning a sale may indicate the number of the salesman. When a large number of such data elements is organized and analyzed, it may provide important information to a marketing director who is attempting to evaluate his sales force. Also if a production manager is told that, not only the production is behind schedule but also it is 75% of the schedule target is information to him.
In general, the planning information requirements of executives can be categorized into three broad categories viz… ➢ Environmental Information.
➢ Competitive Information.
➢ Internal Information.
Characteristics of Information:
Important characteristics of useful and effective information are as follows:
i) Accuracy: Information, if it is to be value should be accurate and should be truly reflects the situation or behaviour of an event as it really is. Otherwise the user will take the incorrect information as correct and may use it for decision – making with a disastrous result. ii) Relevance: It refers to current utility of information in decision making or problem solving. iii) Form Information: Is of value is it is provided to the user in the form it is useful and best understood by him. iv) Timeliness: It means that information should be made available when it is needed for a particular purpose and not before and in any case not after. Delayed information has far less value as a resource. v) Purpose: Information must have purpose at the time it is transmitted to a person or machine, otherwise it is simply data. The basic purpose of information is to inform, evaluate, [persuade or organize other information, create new concepts, identify problems, solve vi) Completeness: Information is considered as complete if it tells its user all what he wishes to know about a particular situation/problem. The more than completeness of information the higher is its value. vii) Validity: It measures the closeness of the...