Data and Information, types of information : Operational, tactical, strategic, Statutory

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Data and Information, types of information : Operational, tactical, strategic, Statutory

DATA AND INFORMATION

DATA is a raw material with which we begin. Collecting data costs money and hence one must collect necessary and sufficient data. Data is generally used by machines and is useless unless it is processed to create INFORMATION.

INFORMATION is Processed data, used by managers to initiate actions and to run the organization efficiently. The data processed by machines gives information

TYPES OF INFORMATION

•STRATEGIC : Needed for long range planning and directions. This is less structured.

• TACTICAL : Needed to take short range decisions to improve profitability and performance.

•OPERATIONAL : Needed for day to day operations of the organization. Eg: Daily Sales, Billing.

•STATUTORY : Needed by law to sent to government authorities.

Eg: Sales tax return.

MANAGEMENT HIERARCHY AND INFORMATION NEEDS

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