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The Impact of New Information

In: Making Essential Choices with Scant Information

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  • Kjell J. Sunnevåg

Abstract

What is information? One common definition is that it is the result of gathering, processing and organizing data in a way that adds to the knowledge of the receiver.1 What is interesting here is that it implies that obtaining information requires some effort, i.e. that costs are involved. Obviously, some information is worth the cost and some is not, but how can one decide? Also, how should the knowledge provided by new information be used in the assessment of various project concepts?

Suggested Citation

  • Kjell J. Sunnevåg, 2009. "The Impact of New Information," Palgrave Macmillan Books, in: Terry M. Williams & Knut Samset & Kjell J. Sunnevåg (ed.), Making Essential Choices with Scant Information, chapter 17, pages 353-374, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-23683-7_17
    DOI: 10.1057/9780230236837_17
    as

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