Information is best defined as:

Information is best defined as processed data that is useful. This definition emphasizes the transformation that raw data undergoes to become meaningful and applicable in a context. Data on its own, without processing, is often disorganized and lacks the context necessary for decision-making. When data is processed, synthesized, analyzed, or interpreted, it becomes information that can be utilized to inform decisions, generate reports, or guide actions.

The concept of information transcends mere accumulation; it involves turning fragmented and raw data into structured knowledge that serves a purpose. This processing could include calculations, context addition, or comparative analyses—all of which contribute to the information's usefulness in practical applications.

Understanding this distinction is crucial in fields such as cost management, where precise data analysis can lead to informed budgeting, financial forecasting, and overall project effectiveness.