Introduction

Value of Information is defined as a concept that is used in the analysis of decisions made when providing solutions to questions that come up, which then leads to a decision maker being provided with a decision that is of improved quality. Value of Information gets to define the payment a decision maker gets to make willingly for a piece of information given before making a decision (Behrens et al., 2007). This value of information will be instituted once the piece of information is put into good use. The information is then put into use through helping improve management decisions made and investment processes. This information is applied in decision making which then implies that information utilization is significant when it comes to its value. How useful the information is or its utilization helps dictate its extent of usability and usefulness.