Characteristics of Quality Information
Good quality information is required when conducting a supply market analysis in order to obtain all the necessary data and statistics.
The characteristics of quality information include;
1. Accurate
Information should be fair and not biased. It should not have any arithmetical and grammatical errors. Direct or written information is likely to be more reliable than that which is indirect or verbal because the latter can be retracted later.
2. Complete
The facts and figures in the information should not be missing or concealed. It should show the complete picture of how operations are running.
3. Cost-beneficial
The cost versus the benefits of obtaining the information should be analysed to avoid spending money on information that cannot recover its costs.
4. Appropriate
The needs of users should be considered when obtaining information so that it is communicated in the style, format, detail and complexity which are relevant to the user.
5. Relevant
Information should be communicated to the right person bearing in mind their needs and requirements.
6. Authoritative
Information should come from a reliable and independent source. This source should be able to defend their facts and figures.
7. Timely
Information should be communicated at the right time so that receiver of the information can make timely decisions. The appropriate channel of communication should be used.
8. Easy to Use
Information should be understandable to the users, avoiding coded words, jargons and hidden language.