The Value of Information Can Best Be Defined as

question 47

Multiple Choice

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.

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Definitions:

Exchange

A fundamental economic concept involving the giving of one thing in return for another, also applicable in social and organizational contexts.

Reciprocity

The mutual exchange of goods, services, favors, or support between individuals or groups, expecting a similar benefit in return.

Norm

A standard or guideline that is accepted and expected within a group, culture, or society, dictating behavior that is considered normal or appropriate.

Reciprocity

A social exchange principle where the actions of one party lead to a response by another party, typically in a manner that mirrors the original action.