MIS

Value of Information:- The value of information is variable, changeable according to person, department, and organization. If the information belongs to the global market. It is not useful for small-scale companies, middle-scale companies because all these company work in regional markets, national markets so the information is useless in such type of compan.

 If any information belongs to the local market. It is not useful for multinational companies, large-scale companies because all these companies work at the national or international level. so we can say that the value of information is changeable according to the size and function of the company. 

There are many criteria decide the value of information. These criteria are as below.

(1) Accuracy:- It is the first criteria that decide the value of information. If any information that is cent percent right. It is useful for all types of companies whereas if any information that is not cent percent right or less accurate it is not useful for any type of company.

(2) Timeline:- It is the second criteria that decide the value of information. If any information that is arranged according to  chronologically. It is beneficial to all types of companies or organisations and every type of company like small scale company, middle scale company may use it whereas if the information is not arranged chronically it is less useful for all types of companies and organisations.

3. Presentation- it is the third criteria that decides the value of information.  If information is presented by a systematically, scientifically, it is  variable to every type of company whereas if information is not systematically, scientifically arranged it is useless to every type of company.

(4):Contrast-  It is the fourth criteria that decide the value of information. Every  information belongs to any department or sector. The information that belongs to the marketing sector is useless for finance managers whereas the information belonging to the marketing sector It is less important to Finance Managers. If information is systematically raw form and belong to concern sector it is useful to concern manager.

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