The Cost of Management Information

Time The value of any piece of information is related to time. The most simplistic view taken is that the value of the information reduces as time increases. But this view implies acceptance of one of the myths of information—that the quicker the information is available the greater its value. The true relationship of time to information is likely to be more complex than this. Paretta maintains that this relationship is connected with the type of decision to be taken, and suggests that there are three categories: decisions which are improved by the speed of information flow, those which are unaffected by it, and those which are actually hindered.