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The Impact Of The Quality Of Data And Information On The Quality Of Decisions

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  • Admir Cavalic

    (University of Tuzla)

Abstract

Using the literature review and previous research, this paper presents the impact of the quality of data and information on the quality of decisions. The quality of data and information is defined by four characteristics of quality: accuracy, timeliness, user-friendliness and accessibility. The quality of decisions is determined by the final result (outcome) and appropriate methodology of decision-making, but also the use of quality data as the basis for increasing the value of information. Therefore, for decision makers is of special importance to collect quality data and information, according to the subjective evaluation, with the aim of maximizing the quality of decisions. Using scientific methods of compilation, analysis and synthesis, the aim oft his paper has been reached, which is related to a critical review of the role of quality of data and information in the formation of high-quality decisions.

Suggested Citation

  • Admir Cavalic, 2016. "The Impact Of The Quality Of Data And Information On The Quality Of Decisions," Economic Thought and Practice, Department of Economics and Business, University of Dubrovnik, vol. 25(2), pages 495-513, december.
    • Handle: RePEc:avo:emipdu:v:25:y:2016:i:2:p:495-513
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    More about this item

    Keywords

    data; information; decisions; quality; decision making;
    All these keywords.

    JEL classification:

    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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