In this my first post I am going to give a brief outline on the value of information to modern day business. I am going to focus on the broad topic of iformation and information systems throughout all my posts.
Information has a msiive value to any organisiation and in particular to management. Information brings with it efficancy and quality which is something every business needs in these chalenging times.
Some may describe the value of information as the maximum price one should pay knowing the actual value of an uncertainty before deciding on a course of action. This statement is very important as it shows how good information can lead to good decisions. If mamngement are considering investing money into a new product it is vital good communication of information exisits between the various departments involved in the decision (marketing, accounts department etc) before the final decision is made.
Good information should be accurate, relevant, suffienct and not too costly. If it cost managenment huge sums of money for their marketing department to carry out research on their new product then this information may not be neccisary, it may indeed be a waste of time and funds.
Finally i will add that information is in my opinion essential for any succesfull firm so they should value it highly.