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      Dr. Lakshmi Mohan

COST  versus  VALUE  OF  DATA        -  “Satisficing”  Concept

Better data               Higher cost Value                        Impact on the decision

"We are subjecting every activity, every function to the most rigorous review, distinguishing between those things which we absolutely need to do and know versus those which would be merely nice to do and know."

GE CEO

Aim: Get  a  Satisficing  Solution  for  Decision-Making

-  Select  a  satisfactory decision  with  limited  information  in a  limited  time instead of searching for the best solution entailing more time and information

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