Importance of Quantitative Information In Management Systems

Abstract

Information is significant for all types of decisions. In case of management and business decisions it is the basic input of the decision making process. Uncertainty involved in business life increases the need for iufotmation
in order to reduce uncertainly and converl the opportunities to benefits. Accuracy of the decisions in busirrcss life art highly conelated with the availability, accessibility, accuracy, clarity and timeliness of information. Apart from
these attributes, quantifiability of the information is also very important especially to evaluate the alternative courses of actions in decision making process.
The pulpose of this paper is to discuss the importance of quantitative
information iu management informatiolt system which occupies a significant
portion of the required information. However. in managerial decision making process lresides quantitative information, the importance of qualitative
information can not be ignored. Whether quantitative or qualitative, intbrmation is always valuable if it is a right kind of information. Information is of a
right kind if it is desired, needed, accurate, timely and feasible.

Keywords

• Importance
• Quantitative
• Information

References

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