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What are the key management information requirements

What are the key management information requirements
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Answer #1

Key management information is required to be complete, timely, accurate and relevant.

Which means that the information should be -

  • Complete - Cover all the required aspects of the information required for the management decision making;
  • Relevant - Irrelevant and non-material information should not be included in the key management information;
  • Timely - the information that is given at the wrong time is a piece of wrong information - the timing of the information should be correct i.e. before any key managerial decision;
  • accurate - The information should be correct and without any margins for mistakes - because any decision based on wrong information will lead to wrong results.
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