Future, Present and Past Information:
Definition and Explanation:
Future information comprises projection and forecast what is likely to happen in the future. It is necessarily subject to uncertainty. Long and medium term forecasts are used for strategic planning.
Present information is about what is happening now. It is used as the bases for the organization's operations to monitor the organization's success, and to control the organization's activities.
The comparison between present information, and past information enables management to access how successful the organization is being and helps them to react to what is happening. Present information should be both timely and accurate.
Past Information is the storage of information about what has happened in the past. Historical information is the bases for predication and the planning of future activities. It is used as a comparison with present and future information.
Past information should be accurate, and it should be stored in a form suitable for easy reference. Recording and storing transactions is the function of the operational level management.