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Answer Upon - Understanding Information
Did you know that most people find it difficult to write sales copy that works?You see there is this idea that sales is all about lies and that you have to be really tricky and clever with words to sell your product.This is absolute bollocks.Sure there are people out there selling rubbish and telling lies but you will only buy something from them once and then only out of desperation.Most people have a pretty good sense of what is truth.This is all you have to do.Tell the truth about what your product can do for your client.Imagine you have a friend and you are sitting down having a coffee together and they ask you what your product can do for them.Do you pull out the high pressure professional sales pitch or start spinning lies? No, you give them the inside dope, the straight pitch, the 'real deal', in short, the plain truth.One of the first lessons I learned when I studied professional copywriting was to write like people talk, using the same rhythm and style.On the internet the written word is all you've got so you had better make it effective or you are going to lose a hell of a lot of customers.A simple and easy way to write great copy right now is to audio record yourself actually talking with a real friend about what your product can do for them. Then get someone to type up this conversation for you warts and all in the form of an open letter and you will have created sales copy that is better than 90% of the hype driven self centred rubbish out there.There is so much hype out there that people are entranced by honest copy, they don't care if its rou
- Customers who want to check prices, product/service availability, terms and conditions, order status, and to report problems.
- Vendors who offer upgrades or additional support.
- Government regulators who need to know about sales volumes and taxes.
- And the owner himself who needs to know about how his "company in a closet" is performing, thereby making decisions regarding modifications to the business.
Processing data is one thing, making business decisions and taking actions is something entirely different. Until such time as machines become true freethinking entities, they will only need data, not information.
D. Information is not stored, it is produced.
Information is produced and consumed as required. On the other hand, data can be stored and retrieved as required. We have long touted the concept that:
INFORMATION = DATA + PROCESSING
This simply means there are two basic variables in the production of information; data (the facts to be processed) and the process itself (the logic). Assuming this is correct, if the data remains the same, but we change the processing, then the information will be changed. Conversely, if the processing remains the same, but we change the data, then the information will also be changed. This means it is important to manage the resources needed to produce information,
There are many different ways to go about getting a secured loan, and there is a secured loan to meet almost every financial need and position that might be faced in today’s market. A secured loan is simply one that is backed by some form of collateral or asset (like a house, car, boat, coin collection, or even a bank CD). Which kind of loan you choose will depend on your reason for getting the loan, the interest rate you can secure, and the terms you are interested in having for paying back the loan.A mortgage is one of the most common (and larger) types of secured loan. It is secured by a house or real estate. Because the assets can be easily converted if the loan is defaulted on, lenders offer a lower interest rate on these types of loans. These loans also tend to have a long repayment schedule which gives borrowers the ability to qualify for an even larger loan that they might otherwise be able to get.Real property is another type of secured loan – like a boat loan or car loan. These loans are secured by the vehicle that is being purchased. Again, the interest rate is typically lower because the property can easily be converted if the loan is ever defaulted. Another plus for the lender is that unlike a home, the car or boat can be repossessed with out a lengthy legal entanglement.An equity loan is a fixed rate secured loan that is secured by the equity in an existing property. Because it is second in line to a mortgage incase of default, the equity loan is often a little higher rate of interest and usually for a shorter term than most mortgages. This type of loan can be a good choice for consolidating hig
INTRODUCTION
I have been doing a lot of reading lately regarding the latest fads in the industry, particularly in the area of "Agile Methodologies," "Business Rules," "Information Architecture," and "Enterprise Architecture." There is a considerable amount of material to wade through. Of interest, I have noticed all stress the importance of requirements and warn of the consequences if they are not defined properly. This sounds nice, but I found them all to be very evasive in terms of describing the inherent properties of information and how to document them. I guess this shouldn't come as a surprise as the industry for years has been wallowing in how to define information requirements.
Many think it is nothing more than a set of data or output specifications; others see it as nothing more than a programming spec. Rarely, does anyone want to take the time to truly understand information requirements and prefer, instead, to get down to the business of programming where they feel more comfortable. It should, therefore, not come as a surprise that requirements definition is left to the interpretation of the individual. Inevitably, this leads to inconsistencies and errors. For something that is supposed to be so critical for success, information requirements definition is too often taken for granted.
Let's see if we can clear this up by describing the characteristics of information and end with a definition. This may all seem very elementary, but the problem of requirements definition is very real. Perhaps a simple description of the properties of information may provide the insight needed to adequately perform this vital task.
CHARACTERISTICS
First, information is not synonymous with data. Data represents the facts and events of a business consisting of primary values (such as "Customer Number," "Unit Price," "Name," etc.) and generated values ("Percent Complete," "Net Profit," "Total Ordered," etc.). By itself, data is meaningless. It is only when it is put into a specific context, at a specific point of time, and delivered to a specific human-being, does data transform into information. From this perspective, let's consider the fundamental characteristics of information:
A. Information supports actions and/or business decisions.
This is a critical characteristic that is vital to define. If an action and/or business decision cannot be made from the data presented, it is not information, it is just raw data. In this world of application development there is a tendency to produce too much data and not enough information.
During my "PRIDE" classes I usually illustrate this point by describing a "bookmaker" or "bookie" (slang for someone who accepts wagers on sporting events). Among the bookie's actions/decisions include paying off bets, and collecting on bets. Using a blackboard, I would write down the following scores:
6
5
4
3
I would then ask the students to play the role of a bookie and asked them if what I wrote on the blackboard could support their actions and decisions. Of course they said, No, that they needed more data; to which I wrote down:
New York - 6
Chicago - 5
Cincinnati - 4
Los Angeles - 3
Still not satisfied, they wanted to know what sport I was describing; to which I added:
Sport: Baseball
New York - 6
Chicago - 5
Cincinnati - 4
Los Angeles - 3
Since a city can have more than one team, they also wanted the team names.
Sport: Baseball
New York Yankees - 6
Chicago White Sox - 5
Cincinnati Reds - 4
Los Angeles Dodgers - 3
They also needed to know who the bettor was, so I added:
Sport: Baseball
New York Yankees - 6
Chicago White Sox - 5
Cincinnati Reds - 4
Los Angeles Dodgers - 3
Bettor:
John Doe - $30 - New York Yankees - Odds: 3:1
123 Main Street, Tel: 123/456-7890
They then said they had the information needed to fulfill their actions or decisions (e.g., they would pay $90 to John Doe for betting on the Yankees).
This example demonstrates two things; first, information is data that is arranged in a specific context, and; second, it is based on the actions and decisions to be supported. This means we must first have a clear understanding of the actions and/or decisions to be supported before we can determine the required data elements (primary or generated). This is an area commonly overlooked in application development. If we cannot act on it, than it is not information, it is just raw data.
B. Information is a perishable commodity.
Information has value at a specific point in time. This is because we must make certain actions/decisions on a timely basis; e.g., daily, weekly, monthly, quarterly, annually, or upon request. Using our example above, the bookie requires his information daily; having it delivered weekly, monthly, or annually will not satisfactorily support his actions/decisions. It thereby becomes important to define "when" actions/decisions have to be made.
There are three attributes to timing:
Frequency - specifies how often the actions/decisions have to be made; e.g.,
4D - four times daily
1W - once a week
2Y - semiannually
R - Upon Request (anytime the user wants it)
Offset - specifies when the cycle should begin; e.g.,
8H - on the 8th hour (8:00am)
7D - on the seventh day (end of the week)
Note: There is no scheduled offset when the Frequency is "Upon Request").
Response Time - specifies the maximum amount of time to deliver the information; e.g.,
5S - Five Seconds
1D - One Day
Note: This should not be confused as a measure of machine throughput.
These timing attributes will ultimately influence the design of the system and software. For example, if information is needed "Upon Request" with a five second response time, than in all likelihood it will be an "interactive" type of application. Conversely, a weekly process with a one hour response time will likely result in a "batch" process (maybe even a manual process).
C. Information is a consumable commodity.
Information is received, acted on, and life moves on. But there is little point in having information if it is not acted upon at the time it is received. It means actions/decisions will not be performed as required.
This brings up a point, information is consumed by human beings, not by machines. True, machines process data but only humans require information. I get into a lot of arguments over this concept. Let me see if I can clarify it. Let's imagine a totally automated company (what I like to call a "company in a closet") whereby customers interact with a computer through a network connection to place orders for a product or service that can be delivered electronically. The owner of the company is retired and spends most of his time playing golf and checks on his stocks and other investments. I contend the machine is just processing data and will continue to do so until there is some sort of mechanical malfunction. However, under this scenario there is still a need for information by such people as:
- Customers who want to check prices, product/service availability, terms and conditions, order status, and to report problems.
- Vendors who offer upgrades or additional support.
- Government regulators who need to know about sales volumes and taxes.
- And the owner himself who needs to know about how his "company in a closet" is performing, thereby making decisions regarding modifications to the business.
Processing data is one thing, making business decisions and taking actions is something entirely different. Until such time as machines become true freethinking entities, they will only need data, not information.
D. Information is not stored, it is produced.
Information is produced and consumed as required. On the other hand, data can be stored and retrieved as required. We have long touted the concept that:
INFORMATION = DATA + PROCESSING
This simply means there are two basic variables in the production of information; data (the facts to be processed) and the process itself (the logic). Assuming this is correct, if the data remains the same, but we change the processing, then the information will be changed. Conversely, if the processing remains the same, but we change the data, then the information will also be changed. This means it is important to manage the resources needed to produce information,
A part of the Ezine publishing game is to get as much mileage from your writing as you can.This could involve spinning off multiple articles from the same premise, or breaking a large topic into several sub-topics, and then exploring them separately.With more articles you can drive additional eyeballs to your web site and obtain better search engine rankings, so it pays to be creative in your elaborations.A solid way of adding articles is by examining a statistic from different angles.Recently, I posted these articles: “Add Nine Years to Your Life Without Diet or Exercise” and “New Year’s Resolution: Try Unplugging!”The former appears under the Ezine category, “Anti-Aging,” and the second under “Motivation.”They ARE different articles, but at their heart they share this startling statistic:“According to the A.C. Nielsen Co., the average American watches more than 4 hours of TV each day (or 28 hours/week, or 2 months of nonstop TV-watching per year). In a 65-year life, that person will have spent 9 years glued to the tube.”You must admit, nine years is a lot of time, and choosing to watch TV when we could be doing so many other things, is a provocative value decision. It struck me that people go to fairly extraordinary lengths to add a few years to their lives through dieting and exercise, but they could accomplish the same “longevity” benefit by simply not siphoning off their time to the tube.Effectively, they’d put “more life into their time,” which is as cool as putting more time in their lives.It takes an act of will to “unplug,” and that’s where the New Year’s reso
First, information is not synonymous with data. Data represents the facts and events of a business consisting of primary values (such as "Customer Number," "Unit Price," "Name," etc.) and generated values ("Percent Complete," "Net Profit," "Total Ordered," etc.). By itself, data is meaningless. It is only when it is put into a specific context, at a specific point of time, and delivered to a specific human-being, does data transform into information. From this perspective, let's consider the fundamental characteristics of information:
A. Information supports actions and/or business decisions.
This is a critical characteristic that is vital to define. If an action and/or business decision cannot be made from the data presented, it is not information, it is just raw data. In this world of application development there is a tendency to produce too much data and not enough information.
During my "PRIDE" classes I usually illustrate this point by describing a "bookmaker" or "bookie" (slang for someone who accepts wagers on sporting events). Among the bookie's actions/decisions include paying off bets, and collecting on bets. Using a blackboard, I would write down the following scores:
6
5
4
3
I would then ask the students to play the role of a bookie and asked them if what I wrote on the blackboard could support their actions and decisions. Of course they said, No, that they needed more data; to which I wrote down:
New York - 6
Chicago - 5
Cincinnati - 4
Los Angeles - 3
Still not satisfied, they wanted to know what sport I was describing; to which I added:
Sport: Baseball
New York - 6
Chicago - 5
Cincinnati - 4
Los Angeles - 3
Since a city can have more than one team, they also wanted the team names.
Sport: Baseball
New York Yankees - 6
Chicago White Sox - 5
Cincinnati Reds - 4
Los Angeles Dodgers - 3
They also needed to know who the bettor was, so I added:
Sport: Baseball
New York Yankees - 6
Chicago White Sox - 5
Cincinnati Reds - 4
Los Angeles Dodgers - 3
Bettor:
John Doe - $30 - New York Yankees - Odds: 3:1
123 Main Street, Tel: 123/456-7890
They then said they had the information needed to fulfill their actions or decisions (e.g., they would pay $90 to John Doe for betting on the Yankees).
This example demonstrates two things; first, information is data that is arranged in a specific context, and; second, it is based on the actions and decisions to be supported. This means we must first have a clear understanding of the actions and/or decisions to be supported before we can determine the required data elements (primary or generated). This is an area commonly overlooked in application development. If we cannot act on it, than it is not information, it is just raw data.
B. Information is a perishable commodity.
Information has value at a specific point in time. This is because we must make certain actions/decisions on a timely basis; e.g., daily, weekly, monthly, quarterly, annually, or upon request. Using our example above, the bookie requires his information daily; having it delivered weekly, monthly, or annually will not satisfactorily support his actions/decisions. It thereby becomes important to define "when" actions/decisions have to be made.
There are three attributes to timing:
Frequency - specifies how often the actions/decisions have to be made; e.g.,
4D - four times daily
1W - once a week
2Y - semiannually
R - Upon Request (anytime the user wants it)
Offset - specifies when the cycle should begin; e.g.,
8H - on the 8th hour (8:00am)
7D - on the seventh day (end of the week)
Note: There is no scheduled offset when the Frequency is "Upon Request").
Response Time - specifies the maximum amount of time to deliver the information; e.g.,
5S - Five Seconds
1D - One Day
Note: This should not be confused as a measure of machine throughput.
These timing attributes will ultimately influence the design of the system and software. For example, if information is needed "Upon Request" with a five second response time, than in all likelihood it will be an "interactive" type of application. Conversely, a weekly process with a one hour response time will likely result in a "batch" process (maybe even a manual process).
C. Information is a consumable commodity.
Information is received, acted on, and life moves on. But there is little point in having information if it is not acted upon at the time it is received. It means actions/decisions will not be performed as required.
This brings up a point, information is consumed by human beings, not by machines. True, machines process data but only humans require information. I get into a lot of arguments over this concept. Let me see if I can clarify it. Let's imagine a totally automated company (what I like to call a "company in a closet") whereby customers interact with a computer through a network connection to place orders for a product or service that can be delivered electronically. The owner of the company is retired and spends most of his time playing golf and checks on his stocks and other investments. I contend the machine is just processing data and will continue to do so until there is some sort of mechanical malfunction. However, under this scenario there is still a need for information by such people as:
- Customers who want to check prices, product/service availability, terms and conditions, order status, and to report problems.
- Vendors who offer upgrades or additional support.
- Government regulators who need to know about sales volumes and taxes.
- And the owner himself who needs to know about how his "company in a closet" is performing, thereby making decisions regarding modifications to the business.
Processing data is one thing, making business decisions and taking actions is something entirely different. Until such time as machines become true freethinking entities, they will only need data, not information.
D. Information is not stored, it is produced.
Information is produced and consumed as required. On the other hand, data can be stored and retrieved as required. We have long touted the concept that:
INFORMATION = DATA + PROCESSING
This simply means there are two basic variables in the production of information; data (the facts to be processed) and the process itself (the logic). Assuming this is correct, if the data remains the same, but we change the processing, then the information will be changed. Conversely, if the processing remains the same, but we change the data, then the information will also be changed. This means it is important to manage the resources needed to produce information,
So, you are looking for a way to pay your debts in such an adverse situation? If so, then you can consider adverse credit debt consolidation loan, which will financially assist you to rub off your credit in a bad credit situation.As the name implies, an adverse credit debt consolidation is meant to consolidate the debts of the borrower when he is suffering from bad credits. The bad credit holder can use the loan amount to pay the debts borrowed from various lenders. CCJs, bankruptcy, defaults and such bad credit holders can apply for the adverse credit debt consolidation and consolidate his debts in the best way he can.Adverse credit debt consolidation is classified into secured and unsecured, for the suitability of the borrower. The bad credit holder can opt for unsecured loan, if he is not willing to use collateral against the loan. In case of secured loan, borrowers have to provide collateral for its approval to the lender. Collateral used may be house, car or any valuable assets which has a value.The adverse credit debt consolidation is available with suitable rate of interest designed specially for bad credit holders. The rate of interest generally depends up on various factors like loan amount, repayment period, and use of collateral. But if the borrower is looking for a reasonable rate of interest, comparisons of the offers by different lenders will be helpful.Borrowers who are looking for an instant approval can use the online adverse credit debt consolidation. Applying online for adverse credit debt consolidation is less time consuming and instant.An adverse credit debt consolidation assists borr
Since a city can have more than one team, they also wanted the team names.
Sport: Baseball
New York Yankees - 6
Chicago White Sox - 5
Cincinnati Reds - 4
Los Angeles Dodgers - 3
They also needed to know who the bettor was, so I added:
Sport: Baseball
New York Yankees - 6
Chicago White Sox - 5
Cincinnati Reds - 4
Los Angeles Dodgers - 3
Bettor:
John Doe - $30 - New York Yankees - Odds: 3:1
123 Main Street, Tel: 123/456-7890
They then said they had the information needed to fulfill their actions or decisions (e.g., they would pay $90 to John Doe for betting on the Yankees).
This example demonstrates two things; first, information is data that is arranged in a specific context, and; second, it is based on the actions and decisions to be supported. This means we must first have a clear understanding of the actions and/or decisions to be supported before we can determine the required data elements (primary or generated). This is an area commonly overlooked in application development. If we cannot act on it, than it is not information, it is just raw data.
B. Information is a perishable commodity.
Information has value at a specific point in time. This is because we must make certain actions/decisions on a timely basis; e.g., daily, weekly, monthly, quarterly, annually, or upon request. Using our example above, the bookie requires his information daily; having it delivered weekly, monthly, or annually will not satisfactorily support his actions/decisions. It thereby becomes important to define "when" actions/decisions have to be made.
There are three attributes to timing:
Frequency - specifies how often the actions/decisions have to be made; e.g.,
4D - four times daily
1W - once a week
2Y - semiannually
R - Upon Request (anytime the user wants it)
Offset - specifies when the cycle should begin; e.g.,
8H - on the 8th hour (8:00am)
7D - on the seventh day (end of the week)
Note: There is no scheduled offset when the Frequency is "Upon Request").
Response Time - specifies the maximum amount of time to deliver the information; e.g.,
5S - Five Seconds
1D - One Day
Note: This should not be confused as a measure of machine throughput.
These timing attributes will ultimately influence the design of the system and software. For example, if information is needed "Upon Request" with a five second response time, than in all likelihood it will be an "interactive" type of application. Conversely, a weekly process with a one hour response time will likely result in a "batch" process (maybe even a manual process).
C. Information is a consumable commodity.
Information is received, acted on, and life moves on. But there is little point in having information if it is not acted upon at the time it is received. It means actions/decisions will not be performed as required.
This brings up a point, information is consumed by human beings, not by machines. True, machines process data but only humans require information. I get into a lot of arguments over this concept. Let me see if I can clarify it. Let's imagine a totally automated company (what I like to call a "company in a closet") whereby customers interact with a computer through a network connection to place orders for a product or service that can be delivered electronically. The owner of the company is retired and spends most of his time playing golf and checks on his stocks and other investments. I contend the machine is just processing data and will continue to do so until there is some sort of mechanical malfunction. However, under this scenario there is still a need for information by such people as:
- Customers who want to check prices, product/service availability, terms and conditions, order status, and to report problems.
- Vendors who offer upgrades or additional support.
- Government regulators who need to know about sales volumes and taxes.
- And the owner himself who needs to know about how his "company in a closet" is performing, thereby making decisions regarding modifications to the business.
Processing data is one thing, making business decisions and taking actions is something entirely different. Until such time as machines become true freethinking entities, they will only need data, not information.
D. Information is not stored, it is produced.
Information is produced and consumed as required. On the other hand, data can be stored and retrieved as required. We have long touted the concept that:
INFORMATION = DATA + PROCESSING
This simply means there are two basic variables in the production of information; data (the facts to be processed) and the process itself (the logic). Assuming this is correct, if the data remains the same, but we change the processing, then the information will be changed. Conversely, if the processing remains the same, but we change the data, then the information will also be changed. This means it is important to manage the resources needed to produce information,
When we buy physical items on line, there is obviously the need to wait for delivery. Make it as fast as possible, surely no problem in a world where things have to "absolutely, positively, get there overnight."And forget those shipping charges and express delivery upgrades. Are you aware that the biggest discouragement to online buying is shipping costs? Increase the price of every item by a dollar and make shipping and handling free. I'm not going to not order something because it's a dollar or so higher in price and the lack of hassle on shipping will make me purr with satisfaction.Even on an item that must be shipped, give me something immediate. Not just an e-mail that my order has been received but some information about what I'm getting, how smart was my decision to order, and where I can get additional information about related items that might interest me.If I'm buying a product that doesn't need to be shipped, such as a report or book, give it to me now. As soon as I've paid, or taken you up on a free offer, I want to right click, download, and read. I don't want to have to go into my inbox and click to activate something.If I receive a zip file that opens up to show a bewildering array of mysteriously labeled icons, I want clearly labeled instructions so I can go there first and learn what all the other stuff is. If it's "so easy to use a child could do it" software, don't make me feel stupid because I can't figure out what to do next and the instructions are vague or non-existent.If it's a marketing report, I want to be able to read it first and decide whether I like it, not be immediately con
4D - four times daily
1W - once a week
2Y - semiannually
R - Upon Request (anytime the user wants it)
Offset - specifies when the cycle should begin; e.g.,
8H - on the 8th hour (8:00am)
7D - on the seventh day (end of the week)
Note: There is no scheduled offset when the Frequency is "Upon Request").
Response Time - specifies the maximum amount of time to deliver the information; e.g.,
5S - Five Seconds
1D - One Day
Note: This should not be confused as a measure of machine throughput.
These timing attributes will ultimately influence the design of the system and software. For example, if information is needed "Upon Request" with a five second response time, than in all likelihood it will be an "interactive" type of application. Conversely, a weekly process with a one hour response time will likely result in a "batch" process (maybe even a manual process).
C. Information is a consumable commodity.
Information is received, acted on, and life moves on. But there is little point in having information if it is not acted upon at the time it is received. It means actions/decisions will not be performed as required.
This brings up a point, information is consumed by human beings, not by machines. True, machines process data but only humans require information. I get into a lot of arguments over this concept. Let me see if I can clarify it. Let's imagine a totally automated company (what I like to call a "company in a closet") whereby customers interact with a computer through a network connection to place orders for a product or service that can be delivered electronically. The owner of the company is retired and spends most of his time playing golf and checks on his stocks and other investments. I contend the machine is just processing data and will continue to do so until there is some sort of mechanical malfunction. However, under this scenario there is still a need for information by such people as:
- Customers who want to check prices, product/service availability, terms and conditions, order status, and to report problems.
- Vendors who offer upgrades or additional support.
- Government regulators who need to know about sales volumes and taxes.
- And the owner himself who needs to know about how his "company in a closet" is performing, thereby making decisions regarding modifications to the business.
Processing data is one thing, making business decisions and taking actions is something entirely different. Until such time as machines become true freethinking entities, they will only need data, not information.
D. Information is not stored, it is produced.
Information is produced and consumed as required. On the other hand, data can be stored and retrieved as required. We have long touted the concept that:
INFORMATION = DATA + PROCESSING
This simply means there are two basic variables in the production of information; data (the facts to be processed) and the process itself (the logic). Assuming this is correct, if the data remains the same, but we change the processing, then the information will be changed. Conversely, if the processing remains the same, but we change the data, then the information will also be changed. This means it is important to manage the resources needed to produce information,
The stock market rallied recently on anticipation of a pause in the monetary tightening cycle, when the FOMC meets Sep 20th, because of hurricane Katrina. However, the market is near major resistance, and it's uncertain if the FOMC will pause or tighten. Moreover, the market rallied on a fall in oil prices, from over $70 a barrel about two weeks ago to just over $64 on the close Friday.Next week is options expiration week, which is typically a volatile week. Some current September Max Pain expirations are: SPX 1,220 with the value of calls over twice the value of puts (which is bearish, since the put/call is a contrarian indicator). SPX closed at 1,241 1/2. OEX 570 with the value of puts three times greater than the value of calls (which is bullish). OEX closed at over 574. QQQQ 39 with the value of puts 40% more than the value of calls. QQQQ closed at over 39 1/2.The first two charts below are same period daily charts of SPX (S&P 500) and OIH (an oil ETF). Both SPX and OIH rallied recently (although, oil prices fell), because institutions hedged oil and non-oil stocks, in case the FOMC does or doesn't tighten. SPX is currently just over its upper Bollinger Band, which is resistance. Support is at 1,230, i.e. late last week's low. There's further support in the low 1,220s, i.e. the 10, 20, and 50 day MAs. OIH resistance is at its upper Bollinger Band. The 10 day MA is current support. If OIH fails to hold the 10 day MA, then the 20 and 50 day MAs, and lower Bollinger Band are support levels.The third chart is an SPX monthly chart that shows further resistance at 1,246 (the recent and four-year high), 1,252 (monthly upp
- Customers who want to check prices, product/service availability, terms and conditions, order status, and to report problems.
- Vendors who offer upgrades or additional support.
- Government regulators who need to know about sales volumes and taxes.
- And the owner himself who needs to know about how his "company in a closet" is performing, thereby making decisions regarding modifications to the business.
Processing data is one thing, making business decisions and taking actions is something entirely different. Until such time as machines become true freethinking entities, they will only need data, not information.
D. Information is not stored, it is produced.
Information is produced and consumed as required. On the other hand, data can be stored and retrieved as required. We have long touted the concept that:
INFORMATION = DATA + PROCESSING
This simply means there are two basic variables in the production of information; data (the facts to be processed) and the process itself (the logic). Assuming this is correct, if the data remains the same, but we change the processing, then the information will be changed. Conversely, if the processing remains the same, but we change the data, then the information will also be changed. This means it is important to manage the resources needed to produce information, which is the premise of Information Resource Management (IRM). If we can control the resources, we can manipulate them accordingly to suit the information needs of the business. Therefore, "Information Management" is a fallacious concept; we are not truly managing information as much as we are managing the resources needed to produce it.
E. Information changes.
The actions/decisions of the business are greatly influenced by such things as:
- Customers and Vendors
- Government/political changes
- Economics and competition
- Market expansion/contraction
As an example, suppose the government decides to impose a new regulation on a company's manufacturing process or institutes a trade embargo on a country the company does business in. Inevitably, this will cause a change in the actions/decisions of the business, thereby affecting information requirements.
Let's also consider the affect new shipping methods might have on keeping the company competitive. Again, this will undoubtedly affect the company's information requirements.
In a static world, information requirements would not change. The reality is we live in a dynamic world. The more we know about our external influences, the better we can adjust and adapt our information requirements.
F. Information is conveyed through outputs.
Media such as screens, printed reports, and audio/video represents the human interface by which information is transmitted. Hence, the temptation by a lot of developers to think of outputs as the starting point for specifying information requirements. The business rationale for the information is much more important than physically how it will be delivered. If we do not understand the rationale for the information, we will inevitably make erroneous conclusions regarding the outputs. Also consider this, there is not necessarily a one-to-one relationship between information requirements and outputs. One information requirement may be implemented by multiple outputs, and one output may be used to satisfy multiple information requirements.
Knowing the relationship between information requirements and outputs, existing screens, reports, etc. provide a convenient road map for documenting requirements. Simply ask the user what the business purpose of the output is and what he/she will do with the information (better yet, ask him/her what would happen if you took the output away).
A DEFINITION
Okay, now that we understand the characteristics of information, let's try to devise a definition:
Information - the understanding or insight gained from the processing and/or analysis of data. Information is created as a result of the collection, processing and analysis of data in a prescribed manner. Information supports specific business related actions and decisions. The accuracy of information depends on the validity and completeness of the data and the processing logic used.
CONCLUSION
It is true that defining requirements is the Achilles heel of any development project, but a lot of people are vague or have different interpretations of what this means. In the "PRIDE" world, it means supplying the end-users with the necessary intelligence to support the actions/decisions of their end of the business. The more we know about the business, the better we can service it; see:
No. 77 - "Enterprise Decomposition" - May 29, 2006 http://www.phmainstreet.com/mba/ss060529.pdf
Concentrating on output specifications is nice but it doesn't supersede the need for accurately defining information requirements. Frankly, users do not particularly care what physical form outputs come in; it is immaterial to them. All they are interested in is: Do they have the necessary information to support their actions/decisions; is it timely, and is it accurate?
It is fallacious to believe, "Users do not know what they want." They may not know how it physically should look or be delivered, but they most definitely know what they want. You're just not asking the right questions.
For more information on this subject, see:
No. 4 - "Defining Information Requirements" - Dec 27, 2004 http://www.phmainstreet.com/mba/ss041227.pdf
No. 29 - "Using Information Strategically" - June 20, 2005 http://www.phmainstreet.com/mba/ss050620.pdf
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