are the total means available to a company for increasing production or profit, including land, labor, capital, and raw materials.
Physical Resources
Usually start from acquisition and are then assembled to be available for use when needed.
Physical Resources
They are tangible and can be easily identified.
Money, Cement, Steel
Physical Resouces
Conceptual Resources
are non-tangible and considered vaiuable fo what they represent rather than their physical make-up
CellphoneFiles, E-books
Conceptual Resources
Information as a Resource
Information can be simply defined as "facts about something or someone that are provided or learned
Information as a Resource
Facts are considered relevant truths which have bee validated and identifed.
InformationasaResource
Data are considered facts; therefore, processed data are considered as information as they are organized in such away that they have additional value beyond the value of the facts themselves.
Expandable
without compromising its integrity. In fact, by having additional information, much more can be understood from it.
Expandable
An example is a person's personal information
Compressible
Although expanded information can give a more detailed explanation, it may not always be needed.
Compressible
An example of this is in news sites. Instead of a barrage of details, news sites would often give one-liner headlines that provide enough information about the news.
Transportable
With the use of the internet and technologies, information can be sent though send via email, share via Facebook, copy onto a flash drive & upload on YouTube.
Diffusive
Gossip or rumors tend to spread easily. Unfortunately, the same applies to any kind of information—be it true or not.
Shareable
Information is not all different from other resources. Similar to how physical resources are managed, information is considered valuable and also has a life cycle.
Shareable
It begins with transforming raw materials into a finished product— processing data to come up with valuable information. Weather forecasting is one such example.
Accurate
information is error-free.
"garbage-in-garbage out."
In some cases, inaccurate information is generated because inaccurate data was processed. Analysts call this as
Complete
information contains all the important facts. This is especially important in the field of medicine.
Missing information
could spell disaster, or worse, lead to death.
Economical
Decision-makers must always balance the value of information with the cost of producing it. With the spread of the internet, information dissemination has become easier, faster, and a lot cheaper.
Reliable
information can be depended on.
True
In many cases, the reliability of information depends on the validity of the data collection method.
True
In other cases, reliability depends on the source of information, which brings us back to valuable information being economical.
Flexible
information can be used for different purposes. Depending on the situation, personal information can be used for a variety of ways.
Relevant
information is important to the decision-maker.
Smple
Information should also be ______, not overly complex. Sophisticated and detailed information may not be needed.
Complex information
may sometimes lead to confusion which could result in inaccuracy of details.
Timely
information is delivered when it is needed. This is true in the case of weather predictions, stock market forecasts' and traffic management.
Verifiable
This means that information can be checked for correctness and authenticity. Most authors include references' bibliography, or citations in their works to enable readers to verify the content.
Accessible
Information should be easily ______ by authorized users to be obtained in the right format at the right time to meet their needs.
Secure
Information should be _____ from access by unauthorized users
valuable
Information is considered _______ mainly for business purposes as businesses depend on it to produce quality products and services.
Value of Information
This helps organizations become globally competitive and be up to date with the latest trends and technology. With businesses gearing towards IT automation, the strategy now is to come up with business activities that shorten time frames While increasing productivity.
Valuable information
helps managers make good decisions which is why valuable or useful formation is called knowledge.
Zero-marginal cost
The cost of producing the first copy of an information good may be substantial, but the cost of producing (or reproducing) additional copies is negligible.
Non-rivalrous
Simultaneous consumption of information by consumers is possible. Movies nowadays are sold not only as DVD copies. There are also digital formats which anyone can watch online or download on their mobile devices, either as a rental or paid subscription.
Non-exclusive
Exclusion is not a natural property of information goods, though it is possible to construct exclusion artificially However, the nature of information is that if it is known, it is difficult to exclude others from its use.
No transparency
To evaluate the information, the information must be known, so one has to invest in learning how to evaluate it.