The value of information concept applied to data systems
Cost-benefit analysis has a considerable literature in which information systems have been patently ignored. This reflects the considerable difficulties of applying the theory to information systems, and the state-of-the art remains relatively as Koopmans described it some 19 years ago (1957). A bar to further development would appear to be the lack of an applicable value-of-information concept. This paper seeks to clarify the issues and provide a robust theoretical and data analysis framework that will cover most situations. The approach here is to separate explicitly the dimensions of cost from those of information benefit, and examine the implications. The Null Information Benefit condition emerges as a special theoretical case, but potentially a most important one in applications. This case together with the Pareto optimum defines a large class of such problems that can be handled by the decision criteria and data analysis techniques tabulated and discussed here. The selection of input data techniques defines the limits of later project justification and may be crucial to the political viability of the projects throughout its life. Finally, the general management vs information systems management relationships are discussed in terms of this situation.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 5 (1977)
Issue (Month): 5 ()
|Contact details of provider:|| Web page: http://www.elsevier.com/wps/find/journaldescription.cws_home/375/description#description|
|Order Information:|| Postal: http://www.elsevier.com/wps/find/supportfaq.cws_home/regional|
When requesting a correction, please mention this item's handle: RePEc:eee:jomega:v:5:y:1977:i:5:p:593-604. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei)
If references are entirely missing, you can add them using this form.