2. MEANING OF INFORMATION
• The word is derived from the latin word
‘informar’ which means give form to
• Hence here we are giving some meaningful
form to meaningless data
• It is collection of processed data gather
through various means of communication
• Information is data that is processed and is
presented in a form which assists decision –
makers
• Information is stimuli that has meaning in
some context for its receiver . when
information is entered into and stored in a
computer , it is generally referred to as data
. After processing such as formatting and
printing output data can again be perceived
as information .
3. IMPORTANCE OF
INFORMATION
• Information has a cost for its
acquisition and maintenance
• In decision theory , the value of
information is the value of the
change in decision behavior
because of the information
• Business dimension
• Technical dimension
• Decision making
4. SOURCES OF INFORMATION
• Surveys a Questionnaire is
prepared to collect the data from
the field
• Secondary data sources or archival
data data is collected through old
records , magazines , company
websites etc.
• Objective measures or tests an
experimental test is conducted on
the subject and the data is
collected
• Interviews data is collected by the
system analyst by following a rigid
procedure and collecting the
6. INFORMATION REQUIREMENT WITH
PARTICULAR REFERENCE TO
MANAGEMENT LEVELS
Within an organization planning,
control and decision making is
carried out at various levels within
the structure of the organization
There is a direct correlation between
the levels of importance of
individuals or groups within and
organization and the level of
information that is being
communicated
The 3 levels at which information
can be used are strategic, tactical
and operational.
7. STRATEGIC INFORMATION
It is used by very top level of
management
Theses are chief executives or
directors who have to make
decisions for long term
Strategic information is broad
based and use a mixture of
information gathered from both
internal and external sources.
8. TACTICAL INFORMATION
Tactical information is used by middle
management (employees) when managing or
planning projects
Tactical planning and decision making takes
place within the guidelines set by strategic plan
Tactical plans have a medium level of detail and
will be very specific; they deal with such matters
as who is doing what and within what specific
budgets and timescales.
They will generally have specific objectives and
be geared towards implementation by
operational level employees
9. OPERATIONAL LEVEL
The lowest level is
operational and operational
planning takes place based
on the tactical plans
The lowest level of
management or workers in
an organization implements
operational plans
These maybe section leaders,
assistants etc., in smaller
businesses where there is no
supervisory level.
10. RELEVENCE OF INFORMATION IN
DECISION MAKING
Information plays a vital role in decision
making. Even to take very simple
decisions,we need information.
Decision making is basically a process that
includes the following stages:
•One needs information to identify a problem
and put it in a structured manner.
Identification &
structuring of
problem
•Without information about the context in
which the problem has occurred. One cannot
take any decision on it.
Putting the
problem in context
11. •Information is a key ingredient in the generation of
alternatives for decision making. One has to have
information about possible solutions to generate
alternatives.
Generation of
alternatives
•Based on the information about the suitability of the
alternatives, a choice is made to select the best
alternative.
Choice of best
alternative
12. Decision making is the most
important task of managers
in an organization. So it is
very important to provide
them with the right kind of
information. Hence, it has a
special significance.
And for information
management a systematic
system based method is used
known as MIS ( Management
Information System).
Here are the types of
information required at each
stage of decision process.
