Value of information in effective decision making.
For businesses to flourish management must have the appropriate skills and knowledge to direct and develop the business following the requirements of the market. Effective decision making can only be based on accurate data coupled with analytical ability to gain a true insight into the data.
Effective decision making essentially means good decision making, this will not only chart out a future course of action but will support that with facts and evidence and analysis.
This means that information is extremely valuable within a business context. The ability of management to acquire, analyse, and act on data is essential.
This video will give an overview of this topic.