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."
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