There are many factors that make a source credible. Whenever you are looking at a source, you should check several things to verify that the information is credible. These things include the source’s authority, accuracy, objectivity, and coverage.
There are three basic techniques to help determine the accuracy of the information:
Validation against know information
This is the most boring way but probably the only way you have. Clearly you need to Validate only critical information unless you are on a Time and Materials Contract. You can validate by means of the following approach:
- Source of Information: Check the reliability of the source. For example, if you were assessing information on a web site does its home page seem logical?
- Check Creator: As soon as you have checked that out consider the information credentials. who wrote it, on what basis? What expertise do they have?
- Check the date: For example of validating share price, it is now good looking at the City Slobbers column in last weeks newspaper. Look at the web and note time article was posted
- Check Revision: Is it version 1 or 27? A volatile version may mean it is kept up to date.
- Check Details: Read the summary and table of contents, read the relevant parts only.
- Check Fact, Fiction, Width and Depth: Is it opinion based on fact? Facts are often verifiable. Did the CEO, a Cabinet Minister or other Senior Manager write it, if so beware, they may spin and make you think it is fact. Does it seem valid, or is it questionable and unsupported by evidence? Are the suggestions and information in line with your thinking. If not does this mean you are wrong or is it the information?
Reading the Annual Business Report and Auditors Footnotes
There is a wealth of information that is readily available from credit risk companies, analysts etc
Interrogation
As this may violate the BCS Code of Ethics, we suggest you consider this as an approach of last resort.