In the current world information is the buzzword. The more one is informed the more one is in better position to make decisions. But why do we need to have information? Where do I need to use this?
Lets see couple of scenarios where we have to use the information
1. I need to buy a car. I do a research on web with the specifications interested ie
a. Budget available ( down payment, EMI – allowable funds)
b. Type of Car
c. No of Miles per day travelling
d. No of people driving and travelling
e. Fuel efficiency
g. Alternatives available
h. security features
2. A retailer wants to promote sales and want to identify commodities that boost sales
What are all the commodities/items that retailer sells
what are the exclusive comoditives in terms of range, competitive pricing,stock
Margin of profit
Fast moving items and period of sales
From the above 2 scenarios, it is evident that information does makes sense and in fact required to
make decisions. Though it is not necessary that decisions are correct but they would be informed judgements
But would it be sufficient that one is just informed?
Is it should be qualified?
How qualified is the information?
How confident are you on the information?
Who are the sources of the information?
Again these questions lead only to the information sources and confidence in information.
But how is the information generated?
What is information and data?
Are any standards followed in the data acquisition?
What standards are followed and are there any certifications towards the data acquisition.
Is the data clean and standardized?
Lets discuss these things in the following posts.