Questions for assessing the value of information
These include:

• What information is provided?
• What is used for?
• Who uses it?
• How often is it used?
• Does the frequency with which it is used coincide with the frequency with which it is provided?
• What is achieved by using it?
• What other relevant information is available which could be used instead?

(Any 4 points for ½ a mark = 2 marks)

• Relevance: information must fit the purpose for which it was gathered and a manager wanted to use it.
• Completeness: an information user should have all the information he/she needs to do their job properly. This would help avoid sub-optimal decisions.
• Accuracy: Information must be correct because using incorrect information could lead to misleading decisions. However, it should not contain unnecessary detail for pointless accuracy.
• Clarity: users must properly understand the information, it cannot be put to good use. Use appropriate presentation medium and channel of communication to enhance clarity.
• Confidence: information must be trusted by the managers who are expected to use it. Use relevant assumptions to enhance confidence.
• Communication: within an organization, individuals are given the authority to do certain tasks and they must be given the information they need to do them.
• Volume: they are the physical and mental limitations to what a person can read, absorb and understand properly before taking an action. An enormous mountain of information, even if it is all relevant, cannot be handled. Reports to management must therefore be clear and concise.
• Timing: information should be available when needed. Information which is not available until after a decision is made will be useful only for comparisons and longer term control, and may serve no purpose even then.
• Cost: information should have some value otherwise it would not be worth the cost of collecting and filing it. The benefits obtained from the information must also exceed the cost of acquiring it.                                                       (Any 5 points)

A Transaction Processing System (TPS) is a type of information system that collects, stores, modifies and retrieves the data transactions of an enterprise. Transaction processing systems offer enterprises the means to rapidly process transactions to ensure the smooth flow of data and the progression of processes throughout the enterprise.

Enterprise Resource Planning (ERP) is an industry term for the broad set of activities that help an organization manage its business. An important goal of ERP software is to integrate back office business processes and facilitate the flow of information within an organization so business decisions can be data-driven.