Information value or value of information - value of information is the amount a decision maker would be willing to pay for information prior to making decisions .
Characteristics of good information
Accurate
adequate
relevant
availability
current
adequate
relevant
availability
current
Characteristics of value of information --
Value of information can never be zero
no other information gathering / sharing activity can be more valuable than that qualified by the value of clairvoyance
no other information gathering / sharing activity can be more valuable than that qualified by the value of clairvoyance
Computation of value of information
Value of decision situation with perfect information where is equals to value of current decision situation
A special case in which the decision maker is risk neutral where VOC can be computed as --
VOC = value of decision situation with perfect information - value of current decision situation
Scientific method of marketing --
Identify & formulate research problem
Determine information needs
Determine the method of data collection
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