Introduction to information systems T. Cornford, M. Shaikh is1 060 2013

Reading activity
Review Section 1.3 in Curtis and Cobham (2008) on the value of information. Explain the
linkage between the ‘three contemporary approaches to information systems’ studied in 
the previous Reading activity, and the ways in which we can value information.
3.2.3 Characteristics of information
We sometimes speak of information, describing it as intellectual property 
(IP) or intellectual property rights (IPR). IPR shows that information 
may be owned or controlled by somebody – for example, the owner of 
the copyright of a book or of a pharmaceutical patent. You can read the 
book and make use of what it says (for example, a cook book), but you 
cannot legally make photocopies of the book and sell them. Patents are 
another example of intellectual property rights and give a different sort 
of ownership to information – ownership of ways of doing things but 
for a limited period of time only. Patents are very important in research 
intensive industries such as the pharmaceutical industry, whose economics 
are based on undertaking costly research into new drugs with the potential 
for then exploiting them exclusively for the period of time they can claim 
patent protection. Patents can also be sold, licensed and traded; another 
example of information having monetary value.
Reading activity
Read Chapter 6 of Avgerou and Cornford (1998), which has a discussion of information 
as a theoretical theme in information systems.

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IS1060 Introduction to information systems
38
Another way to categorise information is as being either 
descriptive
or 
probabilistic
. An example of descriptive information might be the layout 
of a city on a map or the number of items in stock in a warehouse. An 
example of probabilistic information would be an economic forecast of the 
pound
−
yen exchange rate in two years’ time or the demand for items from 
the warehouse over the next two months. Descriptive information can be 
traced back to some real world thing or phenomenon, but probabilistic 
information can only be traced back to an abstract model that may use 
some descriptive data.
Information may be of high or low 
quality
. A good team of economists 
(with University of London degrees) will be expected to produce better 
forecasts than a bad team (with degrees from other universities). How do 
we know which team is good? We need more information – the universities 
they studied at, or better still, their previous record at forecasting.
Is more information better than less information? 
Often what we implicitly mean by good information is exactly the right 
information, with no wastage; not too much, not too little. A paper phone 
directory (something many of us use less and less) contains many names 
and phone numbers, and if they were randomly organised they would be 
of little use. So phone directories are organised systematically to enable a 
particular
number to be found assuming we know the name. In this way 
we have potential access to a lot of information, but can home in quickly 
on what we need. In a managerial context, an excess of ill-organised 
information is often described as