Important Points for IC 89 - Management Accounting Exam
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Validitiy or value of information generally decays with the passage of time and usage. It needs to be refreshed and updated from time to time to maintain the valididty and relevance of information system including MIS.
Reliabiltiy in information or data used in information system or MIS must be reliable in all respects not only for authenticity or correctness of information but also for ensuring success and effectiveness of information system including MIS.
Quality of information measures the degree of success of all information systems. Quality which refers to the correctness and validity of information may be marred by personal bias.
A system which interacts with the environment by taking action and adapting itself is called open system.
A system that does not interact with the environment or does not change with changes in any of the above aspects.
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