Quality of data in Decision-making

The characteristics of accessibility, volume of data, believability, completeness, concise and consistent representation, ease of manipulation, free of error, interpretation, objectivity, relevance, reputation, security, timeliness, understandability, and value-added are associated with data and its overall quality.

The importance of data quality underlies the factual-based informed decision-making process.  Erroneous data has a tremendous impact on decision-making.    The Data Warehouse Institute estimated more than  $ 600 billion are lost annually due to data quality issues.  A YouTube video provides an interesting insight with a practical example of the problem associated with data quality (Data Quality Example).

The quality of data is being recognized by some organizations and there is some evidence that companies are now starting to develop data quality programs  to improve their decision-making.  As evidence of the emphasis of these programs, the Center for Regulatory Effectiveness (http://www.thecre.com/quality/reg-analyses.html) provides a profile of the degree to which data quality programs exist within U.S. government organizations.  In both public and private organizations, factual-based decision-making is dependent on quality data.

This emphasis will create a demand for individuals who possess data management skills and will be driven by a number of future changes in technology.

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