Information – The word information is coming from Latin word ‘informare’ which means to build. It is a collection of data, which through processing has useful meaning for the purpose of decision making. Information is the most important resource of an organization.
Information is expressed as the content of a message or through direct or indirect examination. It is always conveyed as the content of a message. It can also be encoded into different forms for interpretation and transmission. Information can also be encrypted for safe communication and storage.
Types of information – Information can be divided into various types which are discussed below
- Strategic Information – This type of information is needed by the management in making strategies and planning for long time. Such information is used in view of the future trends, impact on marketing and many more.
- Tactical Information – This type of information is required to be collected on day to day basis. They are referred as routine data. Such types of information are required for short term planning.
- Operational Information – This information required to take decision on day to day operations fall in this category. Such information can be easily gathered from its source.