Friday, 3 August 2012

Exploring Business Initiatives

The Value of Timely Information 

•Timeliness is an aspect of information that depends on the situation
–Real-time information – immediate, up-to-date information
–Real-time system – provides real-time information in response to query requests

•Characteristics of high-quality information include:
–Accuracy- Are all the values correct? For example, is the name spelled correctly? Is the dollar amount recorded properly?
–Completeness - Are any of the values missing? For example, is the address complete including street, city, state, and zip code?
–Consistency - Is aggregate or summary information in agreement with detailed information? For example, do all total fields equal the true total of the individual fields?
–Uniqueness - Is each transaction, entity, and event represented only once in the information? For example, are there any duplicate customers?
–Timeliness - Is the information current with respect to the business requirements? For example, is information updated weekly, daily, or hourly?
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