1. THE SOURCE &
CHARACTERISTICS OF
BUSINESS INFORMATION

2. DATA
 Data – is a collection of raw facts and/or figures that
have yet been processed, manipulated or interpreted
into useful information.
 Once the data has been processed, it can be considered
to be information
 This information is used by business in the decision
making process.
 The quality of information, the better the decisions
that management can make and this can have a major
impact on the success or failure of the business.

3. INFORMATION
 Information – is therefore data that has been
manipulated so that some meaning can be derived from
it

4. CHARACTERISTICS
 Data is therefore processed and becomes information
Data Processing Information

5. QUALITATIVE DATA
 Involves data/information that cannot be measured in
the usual way. As such, it is usually in some sort of
narrative form (spoken or written).

6. QUANTITATIVE DATA
 Is data or information that can be measured
numerically and can be proven as fact.

7. PRIMARY DATA
 Is data that you (or your organisation) gathers and
interprets yourself.
 An example might be that you do a survey among your
customers about the quality of service your
organisation offers
 This information can be considered reliable because it
has been collected at source.

8. SECONDARY DATA
 Would be where another organisation uses the data you
have collected and interprets it for other purposes (for
example, in a comparison of customer satisfaction for a
number of organisations offering the same type of
service)
 This could come from the Internet; written articles in
magazines or journals or reported stories.
 This may not be considered reliable because it could be
inaccurate or bias because of the writers point of view.

9. CHARACTERISTICS OF GOOD
INFORMATION
Valid
Reliable
Timely
Fit for purpose
Accessible
Cost effective
Sufficiently accurate
Relevant
Understandable

10. FEATURES OF GOOD INFORMATION
Feature Description Explanation
Timely Information should be Eg Business final accounts must be
available when required prepared in time for shareholders
meeting
Accurate Information should be Eg accurate market research
correct (field) required to make decisions
on new products
Relevant Information should Eg Prices of similar products may
relate to the decision be used to help pricing decisions
being made
Complete All the information Eg Information on all systems on
should be available to the market should be available
allow decision to be when deciding which new
made computers to buy
Up-to- Most recent information Eg using up-to-date ferry
should be used timetables when planning business
date trip
Cost Information should not Field research may be expensive.
cost too much to gather Desk research cheaper.
Effective

11. TASK
 Create a presentation that discusses the different types
of data and also the characteristics of good information
in detail