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The concept of information is not new. In time past, the place of information was recognized. It was the glue that bonded societies. It facilitated the process of socialization, stability in communities, and the perpetuation of history, among others. These potentials of information are still discernable in today’s ever changing and competitive business environment characterized by information technologies – such as e-business applications.Information technologies impact on a manager’s job, on an organisation’s competitive advantage, and consumer’s as well as other end users. The manager, for example cannot perform the managerial functions effectively without access to quality information – especially in the process of decision making.
Without a doubt, information provides the knowledge and intelligence for right decision making. But, what exactly is information?
Definitions of Information
To understand what information is, first, we consider the word data (plural form of datum). Data can be defined as any fact, observation, assumption or occurrence which when put through a specific transformation process, becomes useful information. In order words, raw, unanalyzed, unsummarized facts and figures qualify as data. Data can be numerical or alphabetical characters, or special symbols, for example, £, $, N, etc, or images, documents or voice. Data can also take the form of lines, graphs, and photographs, and can also be stated in litres, milliliters, degrees, colour, blood pressure, and so on. From the foregoing, we can see data as the objective measurements of the attributes of people, places, things, and events.Information, therefore, is data that have been processed (put into a meaningful and useful context) and communicated to a recipient who uses it to make decisions.
Information can also be defined as processed data that can be used for managerial decision making.
Thus, data are usually subjected to a value-added process. This process is called data processing or information processing. Specifically, before data are transformed into a meaningful and useful form for end-users:
1. its form is aggregated, manipulated, and organized
2. its content is analyzed and evaluated
3. it is place in a proper context for a human user
In a college or university, for example, student names, course codes, and course grades recorded on a form represent data about a student’s performance. However, the college Provost or Dean (and other interested end–users) may not regard these as information. Only after such facts are properly organized can a performance of a student in an examination be furnished, specifying for example, the student’s CGPA (cumulative gross point average).
Interestingly, an analysis of the above definitions of information will reveal that information involves the communication and reception of knowledge or intelligence. Expectedly, when semester’s results (in the above-mentioned example) are approved and displayed, the piece of information can do all or most of the following:
• Appraise and notify
• Influence the individual (student) and stimulate him to action
The above functions of information also apply to businesses.
Infact, managers cannot plan, organize, direct, control, and even participate without information. However, not all information are considered useful. The usefulness of a piece of information is a function of a number of factors. These are quality, accuracy, timeliness, and relevancy.
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