Information Quality and Decision-Making
Decision-making is an inexact science, and one of the reasons is the utilization of data of imperfect quality in the decision process. If the user is aware of the caliber of the data and incorporates this information in the decision process, the effectiveness of the process is expected to increase.
A decision can be thought of as a set of actions related to and including the choice of one alternative rather than another. A rational model of decision-making is one in which decision-makers consider all aspects of all alternatives before making a decision. However actual decision-making often falls short of this ideal model because knowledge and experience of the consequence is incomplete, there is limited amount of time to explore all alternatives, and humans do not calculate perfectly. Hansson  stated that all decisions are made under uncertainty and he presented four components of great uncertainty: uncertainty of options,...
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