information

  

Definition

Data that is (1) accurate and timely, (2) specific and organized for a purpose, (3) presented within a context that gives it meaning and relevance, and (4) can lead to an increase in understanding and decrease in uncertainty.

Information is valuable because it can affect behavior, a decision, or an outcome. For example, if a manager is told his/her company's net profit decreased in the past month, he/she may use this information as a reason to cut financial spending for the next month. A piece of information is considered valueless if, after receiving it, things remain unchanged. For a technical definition of information see information theory.

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