Answer to Question 1
Three characteristics that contribute to making information very valuable are: Timeliness, Accuracy, and Completeness.
Timeliness matters a great deal in some settings, and near real-time information often costs more. For example, people pay monthly subscription fees to financial service companies to get up-to-the minute stock prices, rather than the delayed price reports shown on free stock tickers one can add to their browser.
Accuracy may seem like an obvious attribute for valuable information, but there actually are degrees of accuracy. The more accurate the information required, the longer it may take to obtain, making extreme accuracy a trade-off to timeliness. A CEO who wants to know how much competitors charge for a rival product, for example, would have to wait quite a while for staff to scour all the distribution channels and assemble the data. An approximate but timely answer is more valuable.
Completeness adds considerable value, particularly as a means to avoid bias or spin. A marketing survey that polls customers as they enter a store will completely miss those who shop online, for example. The survey results would be incomplete without taking greater care to assess the interests of all the customers. Striving for complete information, however, may also introduce delays that affect timeliness.
Answer to Question 2
B
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Flowchart illustrating how genetic information encoded in DNA produces protein