Information & Types of Management Information

WHAT IS INFORMATION?

Information is data presented in a form that is meaningful to therecipient. It adds to knowledge and is relevant for the situation.

Two types of information are accounting information and management information.

Data becomes information when they are transformed to
communicate meaning or knowledge, ideas or conclusions. By
itself data is meaningless.

The attributes of an item of information are: accuracy, form,
frequency, breadth (scope), origin, time. horizon. Attributes of a
set of information are relevance, completeness and timeliness.

TYPES OF MANAGEMENT INFORMATION

Seven types of information are necessary for top-level managers.

1. Comfort information: informs about current situation or
achievement levels that are tuned to expectations. (Clients
served, target achieved, patients treated, operations conducted,
etc.)

2. Status information or progress information: keeps abreast of
current problem and crises and changes.(progress on office
construction, status of research study, labor negotiation, grant
application)

3. Warning information: signals that change for good or worse are
occurring (stock price, turn over, client complaints, etc.)

4. Planning information: descriptions of projects/programs due in
future, knowledge of anticipated developments(future of
funding, future of federal/provincial support )

5. Internal operations information: indicators on how organization/
program is performing.

6. External intelligence: information, gossip, and opinions about
activities in the environment of the agency. Competition,
funding policies, political changes, emerging social policies,
etc.

7. Externally distributed information: annual report before release,
quarterly progress report for donors, press releases about the
agency, publicity material before printing, etc.

Among these, the first five are internal to the organization. Two
are external to the organization.




NOOPUR GARG
BBA/4536/07