Information is valuable only if it is useful. You can have a never-ending supply of interesting, amusing, and even shocking information, but if it is not useful, it won’t help you manage better. And for information to be useful, it must meet five criteria:
- It must be accurate. Just how accurate information needs to be depends on the situation.
- It must be timely. Any manager will tell you that decisions must be made, with or without “necessary” information.
- It must be complete. A manager facing a decision needs information that covers all areas affecting that decision.
- It must be relevant. One of the most difficult aspects of information management is deciding what is relevant, deciding what isn’t, and then providing the relevant information only.
- It must be concise. Information must be in a form that is efficient for the decision maker to use.
My Consultancy–Asif J. Mir - Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.