What are the various ways of assessing the value of information? Explain each method briefly.

An information system is a computer system that provides management and other personnel within an organization with up-to-date information regarding the organization's performance; for example, current inventory and sales. It usually is linked to a computer network, which is created by joining different computers together in order to share data and resources. It is designed to capture, transmit, store, retrieve, manipulate, and or display information used in one or more business processes. These systems output information in a form that is usable at all levels of the organization: strategic, tactical, and operational.

Systems that are specifically geared toward serving general, predictable management functions are sometimes called management information systems (MIS). A good example of an MIS report is the information that goes into an annual report created for the stockholders of a corporation (a scheduled report). The administration of an information system is typically the province of the MIS or information technology (IT) department within an organization.

Some applications have infringed on the familiar MIS landscape. Enterprise resource planning (ERP) software and executive information systems (EIS) both provide packaged modules and programs that perform the same functions as traditional MIS, but with greater functionality, flexibility, and integration capabilities.

There are different ways to construct an information system, based upon organizational requirements, both in the function aspect and the financial sense. Of course, the company needs to take into consideration that hardware that is purchased and assembled into a network will become outdated rather quickly. It is almost axiomatic that the technologies used in information systems steadily increase in power and versatility on a rapid time scale. Perhaps the trickiest part of designing an information system from a hardware standpoint is straddling the fine line between too much and not enough, while keeping an eye on the requirements that the future may impose.

Applying foresight when designing a system can bring substantial rewards in the future, when system components are easy to repair, replace, remove, or update without having to bring the whole information system to its knees. When an information system is rendered inaccessible or inoperative, the system is considered to be "down."

A primary function of the maintaining an information system is to minimize downtime, or hopefully, to eradicate downtime altogether. The costs created by a department, facility, organization, or workforce being idled by an inoperative system can become staggering in a short amount of time. The inconvenience to customers can cost the firm even more if sales are lost as a result, in addition to any added costs the customers might incur. 

Another vital consideration regarding the design and creation of an information system is to determine which users have access to which information. The system should be configured to grant access to the different partitions of data and information by granting user-level permissions for access. A common method of administering system access rights is to create unique profiles for each user, with the appropriate user-level permissions that provide proper clearances.

Individual passwords can be used to delineate each user and their level of access rights, as well as identify the tasks performed by each user. Data regarding the performance of any user unit, whether individual, departmental, or organizational can also be collected, measured, and assessed through the user identification process.

The OSI seven-layer model attempts to provide a way of partitioning any computer network into independent modules from the lowest (physical/hardware) layer to the highest (application/program) layer. Many different specifications can exist at each of these layers.

A crucial aspect of administering information systems is maintaining communication between the IS staff, who have a technical perspective on situations, and the system users, who usually communicate their concerns or needs in more prosaic terminology. Getting the two sides to negotiate the language barriers can be difficult, but the burden of translation should fall upon the IS staff. A little patience and understanding can go a long

way toward avoiding frustration on the part of both parties.

There is more to maintaining an information system than applying technical knowledge to hardware or software. IS professionals have to bridge the gap between technical issues and practicality for the users. The information system should also have a centralized body that functions to provide information, assistance, and services to the users of the system. These services will typically include telephone and electronic mail "help desk" type services for users, as well as direct contact between the users and IS personnel.