Saturday, 4 October 2008
free, feebased and value-added online services
Wednesday, 24 September 2008
free, fee based and value added information
Some fee based information are not actually information that are scarce or difficult to find but the brokers do have means of getting such information and collating them together for the user to access, thereby saving the user valuable time that may be spent if such information are to be sought for by themselves.
I am of the opinion that certain information need not be made available for free, because do not value information they get for free, once some value in form of cash or otherwise has been placed on information, there is a higher possibility that such information will be valued, however in some environmental locations some information need to be made available for the progress and benefit of the users. A piece of information that is of value to one user may not be actually valuable to another.
Value can also be added to some information, so as to make the user make proper use of them and also as a way of sourcing for a means of lively hood by the person selling such information.
In Nigeria value has not been placed on information as compared to other countries, there is the need to have proper legislation that will make selling information very viable and laws that will protect the suppliers of such information. Some information that can be made available can expose some wrongdoing taking place somewhere and those concerned may tend to sabotage such efforts.
Finally there should be infrastructure put in place such as availability of power, research and ICT centers in various parts of the country as information service providers for revenue generation.
Gwary E.B
MIM/EDUC/12102/08-09
Friday, 12 September 2008
There are no standardized ways to value information generally.
But information may be valued by its utility which varies from individual to individual, and from organization to organization. Because information may be valued for its use, the user may be willing to pay for it thereby making it a commodity which can be measured by price as all other economic products in the market place.
However, information is not critically considered as valuable due to our low level of software development (ignorance and illiteracy). If the Nigerian government begins to utilize available information for developmental purposes, then an awareness of the economic value of information will be created. The bottom- line is that information may be regarded as a public and economic product.
Name: Ojadonor, U. Jimmy.
Reg. No: MIM/EDUC/11944/2007-08
Tuesday, 9 September 2008
The economic value of information
How are we to value information? A common view is that “to accountant, information is considered as worthless. On the balance sheet, information is such a hidden asset. It is totally invisible (Tate, 1986,86) such may be the case of accountant creating an annual report. But to those who must enter, collate, sort, store, transmit, format, analyse and utilize it, information certainly has value.
What kind of ‘value’’ might we consider. Calculation of the value of commodities in general is an established problem addressed by economists. Value in this general sense has also been addressed by information theorists in communications, library and information science (Black and Marchant, 1982). In order words the value of information is an expression of impact or how it is used (Griffiths, 1982). The American college dictionary (1968) lists three primary meanings for the word value.
1. That property of a thing because of which it is esteemed, desirable or useful.
2. Material or money worth as in traffic or sale.
3. The worth of a thing as measured by the amount of other things for which it can be exchanged, or as estimated in terms of a medium of exchange.
Information value as ‘’Use’’
The economic value of information depends on the utility it is placed. Indeed a prevailing view speaks of the ‘’value of information’’ with this same connotation, which information value denotes solely an expression of how ’’useful’’ it is to the recipient. Information value is frequently expressed as a derivation from communicational utility, following from the engineering work of Shannon and Weaver (1949).
Information as ‘’traffic’’
Indeed, in formation is available in many forms, not just computerized, and there have been many attempts to map its societal usage, flow and value. Machlup (1962) is justly credited with farthering this field of study with his book The production and Distribution of Knowledge in the United States. This was the first detailed attempt to classify knowledge production in society, including education, research and development (R&D) activity and the communication media.
Information value as ‘’commodity’’
Utility by itself, without economic factors is of little help in analyzing information as commodity, because what we seek to measure is economic value which assumes use value.
Many (although not all) forms of electronic information are commodities. This means they are available for purchase in the market place. The lists of example is long including purchased software packages (e.g. Word Perfect, rBase) leased Software (VSAM, IMS), bibliographic retrieval services e.g. (Dialog, D&B), Scientific data retrieval services, Governmental data services, data networking services (e.g. Telenet, Tymenet) and computer network services (e.g. CompuServe.
However it is interesting to note that the issue of the economic value of information is an academic exercise. It is rather not easy to define. But it is clear to look at it from the point of view of utility at which information have been placed. On the general note, information is most valued on the point of tactical, operational and strategy purpose.
Free, Fee-Based and Value-Added Information Services
Every business manager, in every industry, has the same important job responsibility of making decisions. The key to making good decisions that further the goals and objectives of the organization is good information.
In today’s global village the information required to make decision resides not only within the organization itself, but beyond its boundaries. When there is any need for decision making as regards to competitive, regulatory or product development, for instance, what the manager needs most are facts about other companies and institutions. To find that external information, today’s managers and knowledge workers go online.
The online world is a very big place. Netcraft found in excess of three million active websites. Looking for a particular bit of information among all these websites will not be easy. There is therefore the need for most sophisticated tool to approach the task.
The $107 billion search
Super information about information managers (super 1 – AIM) study conducted by outsells, inc., which was commissioned by Factiva, Dialog and KPMG. said that American Companies spent $107 billions a year paying their employees to search for external information.
Researchers interviewed more than 6,000 American knowledge workers from the Vice president to individual contributors. They were employed at companies selected from twenty (20) different industries, all with annual sales above $10 million. The study finds that knowledge workers spend about four hours per week looking for and gathering information. They spend an additional four hours per week reviewing and applying external information. The average salary for these workers, the study finds, equates to $30 per hour, so searching for and reviewing external information at $240 per person per week is a hefty investment of employee time and corporate resources.
Here are three questions enterprise managers need to ask about this $107 billion information search.
1. Are the organization’s resources being spent wisely?
2. Is the right information being collected?
3. Is the information collected leading to good decision?
The answers depend on the quality of the research tools being used.
Free, Fee and value – added
Three general types of business information providers are available online.
a) Free web sites – Sites that do not charge for information available on them
b) Free – based sites – Sites that offer copyrighted material such as articles or analysis, charging for access
c) Value – added information Services – Web – based providers that offer a wide range of business information – much of it unavailable on the free Web or through fee based Web site – and charge for access
Head – to – head comparison of information sources
Free Web sites, fee-based Web sites, and value-added information services offer varying access to information and different search capabilities. Does it matter?
To find out, Bates conducted a head-to-head comparison of the three types if information providers (Bates, selecting Business intelligence sources). She sought answers to typical business questions on free Web sites, Fee-based Web sites and a value-added information service-Dow Jones interactive, a Factiva product
The result – value – added is faster and better.
The result of the study show significant differences among the three approaches. “In almost every case, complete answers were only available through the value-added service – Dow Jones interactive in this test” Bates report Dow Jones interactive also yielded the answers much more quickly than either free or fee – based services in all but the simplest request.
Bates concludes that the majority of business questions are most effectively answered with a professional online service. The information resources are more comprehensive, deeper and can be searched in a fraction of the time required to search the web. Most of the highest companies in the world make Factiva’s value-added information services available to their employees of all Global Fortune 500 companies 84% have Factiva accounts.
CRITICAL ASSESSMENT OF THE ABOVE SUMMARY.
No information online is actually free when we consider the actual cost for information plus the cost of business professional’s time. In business, time is money. The developed nations of the world have mastered this. They can actually spend in billions to search for value-added information because this is what has given them an edge over the rest of the world. America is superior today because of her information network. They are far ahead in terms of Technology and financial development. They can sponsor any kind of research with end result.
It will be almost impossible for a typical Nigerian business manager to spend huge amount of money as $107bn to search for information on the Web sites. The exposure, commitment and sincerity of purpose may be a mere thought, as against America who may harbour a long time plan strictly based on the quality of online global information.
Power generation i.e. electricity and Information Technology (IT) are not working hand by hand in Nigeria’s quest for development. Power generation and supply is very low which is a total stampid on Information Communication Technology Development. The unstable nature of Nigeria economic and political environment, government apathy towards information service is a great hindrance.
It is important to note that among the three Internet Service providers, i.e. Free Web sites, Free-based web sites and the Value added Information Services, Value-added is faster and better. The result of the study show significant differences among the three approaches. In almost every case complete answers were only available through the Value-added service. Dow Jones Interactive also yielded the answers much more quickly than either free or fee-based services.
Bates went further to calculate the actual total cost of each search – the actual cost of the Information plus the cost of the business professional’s time. “In almost every case” Bates says the true cost of research was lowest when using Dow Jones Interactive and higher when relying on the fee-based sources.
Lawyers in Nigeria for now may be able to afford value-added information services-Web based providers that offer a wide range of business information because of the nature of their work. They are ready to spend to get information in order to defend and win their cases. Finally, it is to note that every Webmaster is free to do what he or she wants. They therefore sometimes give one difficulty or the other. Every body wants freedom because it is a wonderful thing. But on the web, it certainly makes finding a particular fact difficult. How many Nigerian information seekers can afford and endure this?
Wednesday, 27 August 2008
The economic Value of Information
This paper highlights attempts at different levels to find the economic value of information as it relates to its use, traffic and as commodities. Information value is relative to utility to decision maker, interest to a user and often expressed as a derivation from communicational utility. Above all, the value of information is an expression of impacts or how it is used.
On the information value as traffic, a more recent attempt has arisen with the online database industry. This showed that the rate of growth in electronic dissemination had exceeded the rate of consumption, thereby resulting in information overload. Noticed also was a decrease in informational flows in print media.
In terms of information value as commodities, some theorists agreed that many forms of electronic information are commodities which are available for purchase in the market place. While this may be true to some extent, the use and exchange value of this commodity still remains difficult to determine. As a matter of fact, the only the market price will serve as a good indicator of the value of information commodities.
Criticism
In general, it is believed that the value of information is hard to determine. This is because what is of value to one person may not be to another. It is diffcult or impossible to have a common ground in the definition of the value of information.
On the other hand, if information value is seen as a commodity, what determines the quantity to be bought and sold? And again how many people because of their economic conditions will be able to afford it? This means that many people may not be able to use information.
In my view, this has serious implication for all organizations as well as those who use such commodities at various levels.
Noah Omagbogu
MIM/Educ/11726/2007-08
27/8/2008
1.20 pm
The economic Value of Information
Information is very vital in decision making; however its “value” has been a topic of debate. Different scholars have divergent views about what value information has.
Considering the value of information on the basis of its usefulness may be limited as what is useful today may not be as useful the next day.
The recent attempt to value information with the online database industry is to consider information as a traffic or channel for achieving desired purposes. Because information is available in many forms and different purposes, its value can be considered in terms of classification or categorization. This is where data obtained can be interpreted on the basis of certain designed attributes. In another way to value information is to consider it as a commodity such that the worth of its exchange can be determined. In this aspect value may be difficult to ascertain as the owner may view differently from expected users of such information. Although, it may be difficult to determine what value an information has, the author opined that it may be better to value information in commodity form.
Critique
It is on the basis of the above submission that one wish to challenge information seekers to always provide adequately for any information as this is very important in decision making.
Budgetary allocation for information should be given top priority if adequate decisions are to be taken.
Any nation or organization that pays lip service to information is heading for doom as the highest bidder would always obtain the best information.
Manpower development in information technology (IT) is a very wise investment and this should be encouraged by any organization or nation.
Information should not be seen as a commodity, it should allowed to be accessible to those in need of it.
Princess Bridget Terfa Ikyembe (Mrs.)
MIM/Educ/12702/2007-08
27/8/08
11.14 am
The Economic Value of Information
Many scholars have expressed their views on the economic value of information form various perspectives: information value as use, information value as traffic and information value as commodity.
Value of information is seen as an expression of how useful the information is to its recipients. Information value is relative to utility to decision makers. Information value is frequently expressed as a derivation from communicational utility. This view as value information is the transmission of messages from the superior to the sub-ordinates in the managerial hierarchy of an organization.
Indeed, information is available in many forms, not just computerized, there have been attempts to map its societal usage, flow and value. The rate of growth in electronic dissemination of information had exceeded the rate of its consumption, this difference justifies the concept of information of overload.
Information has economic value if its ability to be exchanged for another commodity or money.
Critique
The economic factors are often viewed as impediment to and constraints upon information value by its use. This is not withstanding, information should be seen as a commodity, we must learn how to pay for information, for any good plan you need accurate information. Market price serves as a good indicator of the value of information commodity.
Elameyi Susan Unobe
MIM/Educ/11975/2007-08
27/8/2008
10.43 am
The economic Value of Information
There are two schools of thought, one views economic value of information on the basis of its utility that accrue to the recipient and the others value information on the basis of what it can be exchanged for money.
Therefore, the economic value of information is an expression of impacts or how it is used.
The economic value of information is relative to utility to decision policy makers.
The economic value of information in general terms is the transmission of messages from the superior down to the sub-ordinates in the managerial hierarchy in the organization.
The information in this 21st century appears in different formats, but attempts have been made to map out its societal usage, flow and value.
The overall growth in electronic dissemination of information had overwhelm the rate of its consumption.
Critique
The economic factors are often viewed as impediments and constraints to the value of information use.
The value of information in economic terms is absolutely hard to determine.
Do you subscribe to information as a commodity? Information should not be valued as a commodity so that every body can have access to it for the public good.
There were different views among scholars as to the economic value of information as they opined that market price serves a good indicator of the value of information commodities.
Ogala, Raphael A.
MIM/Educ/11154/2007-08
27/8/08
10.04 am
Sunday, 24 August 2008
The Economic Value of Information
1. As use to which it can be put
2. As traffic or sale in education or Research and Development
3. As a commodity
But an information theorist, Bell (1983) view information as a unique commodity in that information is not consumed in its use, and thus can be exchanged as well as used many times.
It is also realized that some information lose their exchange value through its use while others may increase their potential exchange value through their use.
In the Nigerian context, many pieces of information could be exchanged and used many times such as Students (undergraduates) information book whether digitalized or in print form. In such a case, students can be made to pay for such information as a way of generating revenue for the institution.
Free, Fee-Based and Value-Added Information Services
There is no doubt that sound information is the bedrock of good decision. In this information age, many factors could hamper the availability and sustainability of the internet services whether they are free, fee-based or value-added.
These factors include the national information infrastructure, politics, corruption and finance.
In this country, the national information infrastructure such as the electrical power supply, optic fiber cable distribution, satellite, information centers and skilled manpower is not robust and as such many problems are being encountered with the internet services.
The politicking game and corruption has not helped matters in any way.
The budgetary allocation assigned to technology has been far from being adequate for basic infrastructures.
I am of the opinion that valuable information should be paid for. Although many of my fellow contributors believe that this will be a far cry judging poverty level of the populace. But I feel that removing corruption and fund misappropriation the populace will have no business with poverty.
Posted by Ophelia Ezetoha
MIM/EDUC/19113/2007-2008
Thursday, 21 August 2008
Free, Fee-based and value added information services
For adequate decisions to be taken by business managers information is necessary and there are different sources by which this could be obtained.
The internet and its facilities are now available and can be accessed given the right atmosphere.
In Nigeria, online service is exist, though at a very limited level due to different factors, some of these services include free websites where information is available free of charge, fee-base websites where specific fees are charged as well as value added information services where fees are paid within organizational or company's purchasing process.
The Nigerian situation however does not favour free web based sites as government cannot actually provide for the subsidy required by providers to make their services free.
For the fee as well as value added websites majority of Nigerian citizens are not usually able to pay for the desired information as the country’s economic situation is not favourable. Only few individuals or organizations have the capacity to pay.
The above situation can be considered as a result of wrong foresight as the nation priorities are usually wrongly placed by those at the helm of affairs. Adequate attention is not given to technological advancement due to corruption and desire to acquire unnecessary wealth. In adequate power supply has contributed greatly to the underdevelopment infrastructure.
SOLUTIONS:
(1) The solution to these problems, government should Endeavour to provide the facilities of online services from urban to rural areas. Awareness should be created, and also develop its manpower.
(2) Government should ensure that financial support budget is meant for the maintenances of the facilities to aid people constant in search of information.
(3) Government should ensure power supply is constantly available to reduce the cost of fueling generators and charges should be minimized.
Princess Bridget Terfa Ikyembe (Mrs.)
MIM/Educ/12702/2007-08
4.00 pm.
Free, Fee-based added value information services
The functionality of these websites is seriously in doubt.
This is partly because of poor economic condition of the people in which they pre-ocuppied with feeding themselves adequately.
Again inadequate supply of electricty poses another danger to online service development.
Until these problems are minized or reduced, the efficiency and effectiveness of online services in Nigeria remain a mirage.
Elameyi Susan Unobe
MIM/Educ/11975/2007-08
3.15 pm.
Free, Fee-based added value information services
The functionality of these websites is seriously in doubt.
This is partly because of poor economic condition of the people in which they pre-ocuppied with feeding themselves adequately.
Again inadequate supply of electricty poses another danger to online service development.
Until these problems are minized or reduced, the efficiency and effectiveness of online services in Nigeria remain a mirage.
Elameyi Susan Unobe
MIM/Educ/11975/2007-08
3.15 pm.
Thursday, 14 August 2008
Free, Fee based and Value added Information services
Nigerian nation is bedeviled with this monster called corruption and so online development is greatly handicapped. The eractic and epileptic power supply is a serious set back. The economic hardship has put alot of Nigerians below poverty line as they struggle to make ends meet or keep the body and soul together as a result. seeking for value added information services has been seriously relegated to the background.
Wednesday, 13 August 2008
FREE, FEE-BASED WEBSITES AND VALUE-ADDED INFORMATION SERVICES, ARE THEY WORKING IN NIGERIA?
Poor internet infrastructure is another problem affecting online services in Nigeria.
The supply of electricity in our country is very erratic and this has raised the cost of online searches.
The majority of cyber cafes in the country don't provide 24 hours service.
The computer and internet literacy is still very low in the country especially in the rural areas.
The povery in the country has not helped matter, people are basically concerned with how they feed themselves and family and not online searches.
Ogala,Raphael A.
MIM/EDUC/11154/2007-08
13/08/2008
10.OO AM
Friday, 8 August 2008
Welcome Online
This blog will enable us appreciate ICT and server as a platform to explore one aspect of web 2.0. Please let us keep our discussion focus on the topics and assignment given.