Final answer:
Information is processed data organized to aid managers in decision-making, involving analysis, interpretation, and presentation in understandable formats. The processing, analyzing, and formatting of data for managerial use is a key skill in business decision-making and essential in the age of information overload.
Step-by-step explanation:
Information is data that have been processed and organized to be used by managers when making decisions:
This transformation of data into usable information is crucial for efficient decision-making in various business environments. In the context of managing a business or an organization, raw data collected from different sources such as market research, sales figures, or customer feedback must be analyzed and interpreted to become meaningful.
Effective decision-making is greatly enhanced when the information provided is adapted to the needs of managers and presented in a format that is most understandable to them, whether in charts, graphs, or textual analysis. As noted by Aronson and Kahneman, biases can sometimes impede objective decision-making; hence, it is important that information is clear, unbiased, and relevant to the context for which it is intended.