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RESPOND TO THOS STUDENT 50-100 WORDS
Explain the four primary traits that determine the value of information. “The US government is a major producer of economic and financial data, statistics, analysis, and forecasts that are gathered, compiled, and published as public goods for use by citizens, government agencies, researchers, nonprofits, and the business community.” (Cromwick & Coronado, 2019). Government data is a good source of free information that is governed, is timely, of quality information and is analytical in nature. This makes it a prime source for valuable outside information. The four primary traits that determine the value of information are:
- Information Type: There are two main types of information gathered.
- Transactional: This information is gathered every time a sale is made or a service is utilized. Think of a retail store and the logbook for all sales and return tracking what sells and does not, during different times of the year. The information is used to make business decisions.
- Analytical: This is all of the information about the business as a whole and is used in a managerial sense, for example the analytical data for a retail store could show whether there is enough support opening a second store in a certain region. You would utilize the transactional data to show that the sales in a zip code could support more stores but you would also use the median household income for the area the cost of labor and rent and a market analysis to determine if it would be a good fit as a whole. While still being business information it is of a more managerial sense.
- Information Timeliness: is important in situations or fields where it matters, real estate may be a years worth while stock trades changes daily. When timeliness is important, it is as important the quality of the information.
- Information Quality: The most important factor. Bad information or inconsistency in the information is worse the not having because it can make an entire data set worthless
- Information Governance: Governance is about policy and process. Any company using data should create its on processes on how to take, store, access, maintained and used.
Hughes-Cromwick, E., & Coronado, J. (2019). The Value of US Government Data to US Business Decisions. Journal of Economic Perspectives, 33(1), 131–146. https://doi.org/http://www.aeaweb.org/jep/