Choice "D" is correct. Relevance defines that quality of data and information that makes a difference in decision making. Relevance has the greatest impact on management's ability to make effective decisions.
Choice "c" is incorrect. Summarization purely represents the aggregation of data and does not, alone, create reporting value. Data not summarized may be relevant and important to decisions.
Choice "b" is incorrect. The exception orientation of reporting focuses management on unusual items but does not have the same impact as relevance. Relevant data may include information that does not constitute an exception.
Choice "a" is incorrect. Concise reporting should be faster to read, but concise reporting alone will not impact effective decisions to the same degree as presentation of relevant data.