We all recognize
that information is valuable – if you've ever paid for a newspaper or magazine,
you have demonstrated this. But why – specifically – is information valuable,
and why is one piece of information more valuable than another?
There
are three ways information can be valuable to us….
1. It entertains us
2. It helps us make better decisions
3. It helps someone else make better
decisions, and we can exchange this information for something else
Entertainment Value
We pay
for films, music and video games. While some movies and song lyrics do help us
think about issues in our lives, we generally use them for short-term
entertainment. We value them because they give us pleasure. They change the way
we feel.
Generally,
the more pleasure they give us, the more we are likely to value them.
Decision-Making Value
A lot
of the information we seek out and deal with – particular in a working
environment – is really about helping us make the right decisions.
• You may have a
Satellite Navigation system in your car to help you decide when to turn left
and right on the road
• You have a
phone book so you can decide which numbers to press on your phone to call a
friend
• You look at
the message boards at the Airport to decide which gate you need to go to for
your flight
• You check the
weather report on Friday morning to decide whether to call off the barbecue you've got planned for the weekend
• You look at
your car’s speedometer to decide when to stop accelerating as you've reached
the speed limit
All of
these examples show how this information is really about helping us make better
decisions.
If we
don’t use information, we can only base our decisions on what we receive
directly through our five senses, or from what we already know.
The
more significant the decisions we are making, the more we will value the
information that helps us make the right decisions.
Exchange Value
The
third source of information value comes from the fact that we often acquire
information not because it either entertains or helps us make the right
decisions, but because we know it will entertain or help other people make the
right decisions in their lives. We can then exchange this information with them
for something of value to us. We can think of this as information’s trade ability
value.
Most
information workers do exactly this. The reports that we produce at work are
often just to help someone else make a better decision. We exchange this
information for our wages.
It can
involve the information being exchanged several times before it eventually
reaches the decision maker, so it is not always obvious that it is about
decision making – sometimes you may think you are just producing reports for
the sake of it.
As with
the decision-making aspect of information, the more significant the decision
the other person is making – and the more the information you are providing
will help them make a better decision – the more they will value the
information you have to offer.
The
exchange value doesn't necessarily have to involve money. It could also apply
to conversations we have. We keep up with news, current affairs and celebrity
gossip not because they directly affect us, but because it gives us something
to talk to others about.
Combining
Most
information we come across contains a mixture of these three sources of value –
a novel may be entertaining, but it also teaches us about morals, and it also
gives us something to talk to our friends about.
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