What Is Valuable Information?

The three most important factors in determining the value of information are as follows:

1. How accurate is the information?
2. How timely is the information?
3. How accessible is the information?

Information that is inaccurate causes organizations to draw the wrong conclusions. Information that is too late to be capitalized upon is of little value. Information that cannot be accessed because the information system has crashed is likewise of little value.

Organizations develop or buy information systems to help ensure that their management personnel have access to accurate and timely information. But what exactly is an information system?