CAT / FIA FMA Syllabus A. The Nature, Source And Purpose Of Management Informa - Good Information - Notes ^{6 / 7}

Attributes of good information

Good information should be ACCURATE

• Accurate

  Information should be accurate because using incorrect information could have serious and damaging consequences.

• Complete 

  A user should have all the information he needs but it should not be excessive.

• Cost-effective 

  The benefits obtainable from the information must exceed the costs of acquiring it.

• Understandable

  Information must be clear to the user. 

  If the user does not understand it properly he cannot use it properly.

• Relevant 

  Information must be relevant to the purpose for which a manager wants to use it.

• Accessible

  Information should be accessible via the appropriate channels of communication and to the right people. 

  For example, emails should be used if the person who needs the information is not physically present.

• Timely

  Information should be made available before a decision needs to be made to be considered useful

  If it is made available after a decision is made, it will be useful only for comparisons

• Easy to Use