Information can be defined as data that has been processed into a form that is meaningful to the recipient and is of real or perceived value in current of prospective decisions.
or
Information refers to an input of data processing which is organized and meaningful to the person who receives it.
In general, the planning information requirements of executives can be categorized into three broad categories. Which are as follows:
- Environmental Information
- Competitive Information
- Internal Information
Environmental Information
- Government Policies: Information about concessions, benefits, government policies in respect of tax concessions of for any other aspect, which may be useful to an organization in the future period.
- Factors of Production: Information related with source, cost, location, availability, accessibility and productivity of the major factors of production. viz Capital, Labor, Material etc.
- Technological Environment: Forecast of any technological changes in the industry and the probable effect of it on the firm.
- Economic trends: It includes information relating to economic indicators like consumers disposable income, employment, productivity, capital investment etc.
Competitive Information:
- Industry demand: Demand forecast of the industry in respect of the product manufactured and in the area in which the firm used to be operating.
- Firm Demand: Assessment of the firms product demand in the specified market. It also includes an assessment of firm's capability to meet firm's demand.
- The competitive data: Data of compelling firm for forecasting and making decision and plans to achieve the forecast.
Internal Information:
It includes the information concerning concern's are:
- Sales forecast
- The financial plan/budget
- Supply factors,
- Policies, which are vital for subsidiary planning at all levels in the organization.
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