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Date: 2019-12-11 Page is: DBtxt001.php list0300-Management-information-1

Definitions for TrueValueMetrics
Management Information

Management Information Management information is quite new ... while accountancy has a history going back some hundreds of years, management information is just a few decades ... and facilitated by computers and electronic data processing (EDP).

The purpose of management information The purpose of management information is to improve decision making. Management information is a tool. I often describe management information in the following manner.

“Management information is the least amount of information that enables a good decision to be made reliably and in a timely way.”

Reliable data. Good data and analysis are a good starting point for management information. Relating operational key data with accounting information makes it possible to address issues that are important and will make a difference.

Scientific rigor There is no need for expensive scientific rigor in the collection of data for management purposes. There is rather a need for relevant data that can be obtained quickly, easily and at low cost. Management information has a short 'half life'. Timely information is very valuable. Information that is late is worthless.

Accounting provides data that are a good starting point for management information. Relating operational key data with accounting information makes it possible to address issues that are important and will make a difference.



The text being discussed is available at

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TrueValueMetrics (TVM) is an Open Source / Open Knowledge initiative. It has been funded by family and friends plus donations from well wishers who understand the importance of accountability and getting the management metrics right. TVM is a 'big idea' that has the potential to be a game changer leveling the playing field so the wealth and power is shared on a more reasonable basis between people who work for a living and those that own the economy and the levers of power. In order to be effective, it cannot be funded in the conventional way with a for profit business plan, but absolutely must remain an open access initiative.
WE WANT TO MAINTAIN AN OPEN KNOWLEDGE MODEL
A MODEST DONATION WILL HELP MAKE THAT HAPPEN


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