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Abstract

Data lacks value by itself, it needs to be processed into information. There are 2 types of organizational information: operational and management information systems. Details how the value of these types of information are measured. Explains the normative or information-economics approach to valuing information which attempts to quantify the incremental value of the decisions made with new information. Details the different types of decision assistance systems that can be provided. Describes the weaknesses of the realistic and the subjective value of information approach