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Useful Information
There are 4 factors that determines the usefulness of information to a manager; quality, timeliness, completeness, and relevance. The quality of the information is determined by accuracy and reliability. The timeliness of the information makes available when managers need it. The completeness of the information gives managers all the information they need to exercise control, achieve coordination or make an effective decision. Information that is relevant is useful and suits a manager's particular needs and circumstances.
The ATM pictured here is a form of useful information. As soon as a customer makes a withdrawl or enters a deposit, the bank updates the customers account in real-time. In this case the customer took out $600.00 from his account. As soon as he pulls it, his account is updated. If he did not have the funds available, the machine would not dispense the money.
As money is withdrawn or deposited, managers at the bank review the data from the individual machines to determine how often those machines need to be replenished.
Useful Information
There are 4 factors that determines the usefulness of information to a manager; quality, timeliness, completeness, and relevance. The quality of the information is determined by accuracy and reliability. The timeliness of the information makes available when managers need it. The completeness of the information gives managers all the information they need to exercise control, achieve coordination or make an effective decision. Information that is relevant is useful and suits a manager's particular needs and circumstances.
The ATM pictured here is a form of useful information. As soon as a customer makes a withdrawl or enters a deposit, the bank updates the customers account in real-time. In this case the customer took out $600.00 from his account. As soon as he pulls it, his account is updated. If he did not have the funds available, the machine would not dispense the money.
As money is withdrawn or deposited, managers at the bank review the data from the individual machines to determine how often those machines need to be replenished.