What is Information?

Data: Collection of facts (opinions, demographics, statistics)

But Data is not information…

This may not be Information: Data: Collection of facts (opinions, demographics, statistics) This may not be Information: Simply because something looks good, or seems to be complete or complicated… does not make it information. Not this

Data: Collection of facts (opinions, demographics, statistics) Information: * A message received and understood.

Data: Collection of facts (opinions, demographics, statistics) Information: A message received and understood. * A collection of facts from which conclusions may be drawn.

Data: Collection of facts (opinions, demographics, statistics) Information: A message received and understood A collection of facts from which conclusions may be drawn * Knowledge acquired through study, or experience, or instruction.

Data: Collection of facts (opinions, demographics, statistics) Information: A message received and understood. A collection of facts from which conclusions may be drawn. Knowledge acquired through study, or experience, or instruction. Information as the result of processing, manipulating and organizing data in a way that adds to the knowledge of the person receiving it.

Putting all these together: Information: 1. A message received and understood. 2. A collection of facts from which conclusions may be drawn. 3. Knowledge acquired through study, or experience, or instruction. 4. Information as the result of processing, manipulating and organizing data in a way that adds to the knowledge of the person receiving it.

Something that changes Information: Something that changes what you know. This is important, so let’s repeat it…

Something that changes Information: Something that changes what you know.

A fascinating look at what information is: https://www.youtube.com/watch?v=JTvcpdfGUtQ

Suppose you received these reports:

Suppose you already knew everything that was in them!

Would you still want to pay for these reports?

Something that changes what Information: Something that changes what you know.

Information: It is a commodity.

Information: It is a commodity. It is property.

Information: It is a commodity. It is property. It is power.

Information Characteristics: Value Dependent upon the value of decisions that can be made with a change in what you know.

Information: Value Dependent upon the value of decisions that can be made with a change in what you know. Value = Benefit - Costs

Information: Value Value = Benefit - Costs Consider a manager who (on average) makes correct decisions 65% of the time. A correct decision (on average) makes a million dollars, and a wrong decision loses a million. Over 100 decisions, the manger’s decision would make the firm $30,000,000 ($65 million correct and a negative $35 million when wrong). A stream of business research increases the manager’s accuracy to 75%. The net over 100 decision is now $50,000,000 ($75 mill - $25 mill). The information generated by that research is worth $20,000,000.

Information: Value Value = Benefit - Costs changed a decision. Note that the information only had value when the manager changed a decision. If research is designed to simply protect already made decisions or to play it safe, it will not have the same value, and, in fact, may have no value at all.

Information: Value Value = Benefit - Costs There are at least three factors that influence the value of Information in decision making. The level of uncertainty. What is gained or lost when making a decision. The nearness to breakeven. (Basically changes the the gain and losses possible).

the value of information could be Value = Benefit - Costs In a business sense the value of information could be Negative.

Information Characteristics: Value Amount Not dependent upon length or complexity

Information Characteristics: Value Amount Not dependent upon length or complexity Amount is inversely proportional to the probability of the message.

Claude Shannon

Three pictures Each has the same number of pixels

Three pictures Each has the same number of pixels So each has the same amount of:

Three pictures Each has the same number of pixels So each has the same amount of: DATA

Three pictures Each has the same number of pixels Each was judged to have the same amount of artistic and esthetical appeal.

Three pictures Each has the same number of pixels Each was judged to have the same amount of Artistic and esthetical appeal. So each as the same amount of:

Three pictures Each has the same number of pixels Each was judged to have the same amount of Artistic and esthetical appeal. So each as the same amount of: Quality

The print media stays in business by selling advertisements and Influence… Because…. People will be attracted to the media when they find something that they didn’t already know.

Information In other words… people are attracted to and buy Even if it is wrong!

Editors will then buy material that will sell…. This the key to doing successful PR!

Three pictures 1. People enjoying a nice afternoon at the fair.

Three pictures 2. A picture of current political interest.

Three pictures 3. Hillary with a real alien

Three pictures 3. Or Trump with a real alien

Three pictures Which one will be worth the most money?

Three pictures Which one that has the lowest probability!

Information Characteristics: Value Amount “Goodness” Ability to be used to make correct decisions.

“Goodness” Ability to be used to make correct decisions is based on: Reliability

“Goodness” Ability to be used to make correct decisions. Reliability Validity

“Goodness” Ability to be used to make correct decisions. Reliability Validity Relevancy

“Goodness” Ability to be used to make correct decisions. Reliability Validity Relevancy Currency

“Goodness” Ability to be used to make correct decisions. Reliability Validity Relevancy Currency Sufficiency

Ability to be used to make correct decisions. Reliability Validity “Goodness” Ability to be used to make correct decisions. Reliability Validity Relevancy Currency Sufficiency Efficiency Arrange six matchsticks to form four equilateral triangles.

Information Characterics: Value Amount “Goodness” Evaluation

Information: Evaluation Who produced it?

Information: Evaluation Who produced it? When was it produced?

Information: Evaluation Who produced it? When was it produced? How was it produced?

Information: Evaluation Who produced it? When was it produced? How was it produced? How was it analyzed?

Information: Evaluation Who produced it? When was it produced? How was it produced? How was it analyzed? Why was it produced?

Information: Evaluation Who produced it? When was it produced? How was it produced? How was it analyzed? Why was it produced? Who benefits from this information?

Information: Evaluation Who produced it? When was it produced? How was it produced? How was it analyzed? Why was it produced? Who benefits from this information? Why is this information available to me?

Homelessness becomes a problem when Republican in White House For years the most commonly-used figure to cite the number of homeless in America was three million. At a congressional hearing on this issue the late homeless activist Mitch Snyder was challenged to give his documentation on that number. "I made it up," he responded, "to get your attention.“ In 1989, pre-Clinton, CBS anchor Charles Osgood claimed, without citing the source, that "It is estimated that by the year 2000, 19 million Americans will be homeless unless something is done, and done now.“ The same year CNN ran a story using a study from Rutgers University that proclaimed if America experienced only a mild recession that the number of homeless could triple. "There now are up to 40 million Americans" one paycheck away from living on "the streets," the story announced. Never mind the fact that the Census Bureau in 1990 estimated there were only 220,000 homeless Americans, and two other national surveys have pegged the total figure at between 200,000 and 500,000. https://www.mrc.org/bozells-column/media-rediscover-homeless

Information Characteristics: Warning signs:

Information Characteristics Warning signs: 1. Confirms what you have always known.

Information: Warning signs: Confirms what you have always known. Confirms what you WANT to believe.

Information: Warning signs: Confirms what you have always known. Confirms what you WANT to believe. Contradicts what you have always known.

Street Light Effect

Here is an example of the Effect in management.

Be mindful of how information is presented; the same thing can be said (or seen) in different ways each suggesting a different effect or outcome.

Using Visuals (graphs and charts) to Make a Point Or to Hide a Point Global Temps over 15 Years

http://www. gallup. com/poll/113980/Gallup-Daily-Obama-Job-Approval http://www.gallup.com/poll/113980/Gallup-Daily-Obama-Job-Approval.aspx

During the weekend of Labor Day 2016, I saw or heard at least three times that Trump was ahead in the polls… This is the New York Times response: http://www.nytimes.com/interactive/2016/upshot/presidential-polls-forecast.html?_r=0 Here's the quote from the Tacoma Tribune.  Title: Media bias: Definition of journalism has changed. "It is the promotion and advocacy of political and social goals through the collection and editing of news for presentation through the media.  Every media outlet has one or more agenda.”   L.H. Smith, University Place, WA

Information: Warning signs: Confirms what you have always known. Confirms what you WANT to believe. Contradicts what you have always known. Is GOOD THINK.

Information: GOOD THINK: The “proper” way to think about any topic. The “politically correct” way to think. George Orwell book “1984”

GOOD THINK: The “proper” way to think about any topic. The “politically correct” way to think.

Let’s give it a try…. 1. Find a news item that is “fake news.” 2. Find a news item that is claimed to be “fake news” but isn’t. 3. Find a news item that was accurate and was produced by the source from which you received it. Explain your answers in terms of our discussion in this section. http://www.drudgereport.com/

Back to Global Warming (Sorry)

Inhofe Defends ‘Global Warming Is The Greatest Hoax’ Comment: Global warming demands US attention Inhofe Defends ‘Global Warming Is The Greatest Hoax’ Comment: ‘I Think I Was Right’

Inhofe Defends ‘Global Warming Is The Greatest Hoax’ Comment: Global warming demands US attention Inhofe Defends ‘Global Warming Is The Greatest Hoax’ Comment: ‘I Think I Was Right’ Candidates must face global warming

Inhofe Defends ‘Global Warming Is The Greatest Hoax’ Comment: Global warming demands US attention Inhofe Defends ‘Global Warming Is The Greatest Hoax’ Comment: ‘I Think I Was Right’ Candidates must face global warming Cycle just might be cooling trend

Inhofe Defends ‘Global Warming Is The Greatest Hoax’ Comment: Global warming demands US attention Inhofe Defends ‘Global Warming Is The Greatest Hoax’ Comment: ‘I Think I Was Right’ Candidates must face global warming Cycle just might be cooling trend Ecologists raise global warming alarm at UN

Inhofe Defends ‘Global Warming Is The Greatest Hoax’ Comment: Global warming demands US attention Inhofe Defends ‘Global Warming Is The Greatest Hoax’ Comment: ‘I Think I Was Right’ Candidates must face global warming Cycle just might be cooling trend Ecologists raise global warming alarm at UN Danish Meteorological Institute claimed GREENLAND ICE MASS BALANCE HAS GROWN IMPRESSIVELY Since 2014: In the 2014/2015 season the daily course and accumulated ice mass development on Greenland measured in gigatons since September 1, 2014 is showing a mass growth (lower chart) of around 200 gigatons, or 200 cubic kilometers.”