Question

State the relationship between information and decision.

Answer 1

Information and decisions are mutually reliant on one another. On the one hand, information aids decision-making; on the other hand, decisions are made with the help of derived and extracted data. The following points can be used to demonstrate the importance of information in the decision-making process:

1. A company may be made up of several different decision-making units, each with its own set of demands to address to reach the shared organizational goals and objectives.
2. A company must define goals for itself, which necessitates the creation of numerous policies and procedures to achieve those goals.