Characteristics for information for decision making
i. One characteristic of information that is essential in order for the information to be useful for decision making is relevance. What are the other two characteristics?
ii. Frequently there is a conflict between the two characteristics requested in question (i), describe why this conflict exists.
iii. What distinguishes relevant information from irrelevant information?

i. The three characteristics are relevance (given in the question), accuracy and timeliness.
ii. Accuracy frequently can be enhanced if more time is used to develop, obtain or analyse the information. However, information made available after the decision has been made has absolutely no value whatsoever. Consequently, in order to meet deadlines for the decision, information may have to be developed that is less accurate.
iii. Relevant information is pertinent to the decision, that is, it has the potential to influence the decision. Irrelevant information includes past conditions and future conditions that will not be affected by the choice between alternatives.
Relevant information must incorporate predictions about the future. While past revenues and costs may be useful, future events are the key, and consequently, the past is only useful in its ability to improve the predictions for the future.