The value of information can best be defined as
A) how useful it is to decision makers.
B) the benefits produced by possessing and using the information minus the cost of producing it.
C) how relevant it is.
D) the extent to which it maximizes the value chain.

Question

Quizplus · Accepted Answer

The value of information is determined by calculating the benefits of possessing and using the information and then subtracting the costs of acquiring and maintaining the information. This calculation allows decision makers to evaluate whether the information is worth the investment. The other options do not fully capture the concept of the value of information.

The Value of Information Can Best Be Defined as