Basic Classification:
The basic classification of information include classification of information as objective information, also known as facts; subjective information, also known as opinions; concepts, procedures, processes, principles, primary information, and secondary information.
Objective information/Facts
Objective information, also known as facts, refers to information that is unique and true in nature. This type of information defines all aspects of an issue and helps in identifying an object, a person, a place, a thing, etc. Statements such as Microsoft Corporation earned revenues of $ 44,282 million in 2006; earned a net income of $ 12,599 million in 2006; released a new line of operating systems called Windows Vista in January 2007 are objective information. They are concrete and can be proved.
Subjective information/Opinions
Subjective information or opinions are based on the views of an individual or a group of individuals about a particular object, place, person, or a situation. This type of information is based on what seems to be true and on personal views and judgment. Opinions in a way present the analysis of facts or objective information. For instance, a customer remarks that the latest car released by a particular company is superior in terms of design when compared to the other cars in the market. This statement is an opinion.
Concepts
A concept is basically a feature or a characteristic that is common and/or shared among a group of items, ideas, or entities. Concepts do not change based on perceptions. For instance, the features and characteristics of the companies that belong to the capital-intensive industry are similar. However, the concept of capital-intensive industry is different from a labor-intensive industry.
Procedures
A procedure refers to a series of steps that indicate or show how a task is to be performed. For instance, the procedure for recruitment in a company may be as follows: entrance test, technical interview, personnel interview, placement, training, and posting. All these steps form the procedure followed by the organization to recruit new candidates.
Processes
A process describes the method of work or operation. For instance, the product development process is as follows: identifying the requirements for a product, defining the requirements, gathering market information, searching for a patent, designing, prototyping, and production. These steps refer to the process followed by a company to develop a new product. Processes are used for finding solutions to a problem or for making an inference about something based on how the process takes place.
Principles
Principles are information about the guidelines, rules, criteria, and heuristics that are used for predicting an outcome to a situation. For instance, the Indian Companies Act of 1956 describes a set of guidelines that state how the companies should conduct meetings like the Annual General Meeting, Extraordinary General Meeting, etc. Every company which is registered under the Companies Act should follow these guidelines or principles.
Primary information
Primary information is information that is created at the time at which an event took place. It is also known as original or first-hand information as it has not been published anywhere or been interpreted or translated by anyone. For instance, the information gathered by a company through personal interviews or field research is primary information. Primary information is usually collected from internal sources. The various methods employed for collecting primary information are surveys, interviews, and direct observation. Collecting primary information is a tedious, time consuming, and expensive task. Primary information is considered to be a reliable source of information, provided it has been collected properly.
Secondary information
Secondary information is taken from primary information and is represented based on the purpose for which it is collected. The primary information is analyzed, interpreted, translated, and/or examined to form secondary information. For instance, when a research firm creates a SWOT analysis report on companies belonging to the automobile industry in India using information from magazines, newspapers, research articles, etc., this report is termed as secondary information. Secondary information is usually collected from external sources like the television, radio, the Internet, magazines, newspaper, reviews, research articles, narrations, etc. Compared to primary data, secondary data is easier and cheaper to collect. However, it is less reliable and not always accurate.
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