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When More Is Better

In: More Judgment Than Data

Author

Listed:
  • Michael Jones

    (University of Cincinnati)

Abstract

After exploring how people themselves can present a challenge to processing more data, we now discuss an approach to address the remaining economic constraints in the decision-making framework of the OODA (Observe, Orient, Decide, Act) loop. Time, money, and resources are all used to create and analyze data. Because individuals only possess a limited amount of these, the degree to which they are deployed will require a cost–benefit analysis. Only when the benefits of more data exceed the costs should decision-makers use the necessary time, money, and resources for the creation of more data. This chapter introduces many benefits of possessing more data.

Suggested Citation

  • Michael Jones, 2022. "When More Is Better," Springer Books, in: More Judgment Than Data, chapter 0, pages 63-81, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-99472-3_5
    DOI: 10.1007/978-3-030-99472-3_5
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