WHY ACCOUNTING RESULTS ARE GARBAGE

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DIFFERENCE BETWEEN DATA AND INFORMATION

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the distinction is always in relation to a particular decision. if data changes a decision then it is information, otherwise it is just data

businesses usually have a lot of data. maybe it is not information because it is not available (on time) to the people that need to make decisions or because they cannot understand it (in time)

it depends on the decision what is information. it also depends on the decision maker what is information. information is subjective. information is situation- and time-bound

decisions need to be made with the information that is available. information needs to be accurate and timely enough to support making the right decision

it is the job of the business controller to process and rework the data so that it becomes information. the business controller delivers an information product and his or her customers are the people that make decisions. decision makers can be people on a Board, but can also be people making quotes for their customers, in fact all participants in a business

providing management information requires a thorough understanding of the situation. this is where business controlling expertise comes in



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