Paper Info
Title
A Quantitative Approach For Modelling The Influence Of Currency Of Information On Decision-Making Under Uncertainty
Abstract
Stored information, used to support decision-making, can be outdated. Existing metrics for currency provide an indication about the correspondence between this stored information and its real-world counterpart. In the case of low currency, this information cannot be effectively used to support decision-making, although the decision-maker can probably learn from it. Our first objective is to develop an extended metric referring to currency, which provides an indication about the real-world information at the time of measurement, based on the stored information. Thus, the decision can be adjusted and the value of the stored information increased. Therefore, as a second objective, we propose a quantitative approach for modelling the influence of currency on decision-making by extending the normative concept of the value of information. Finally, we demonstrate the relevance of our approach by applying it to two real-world scenarios from the field of sales management in customer relationship management.
Year
DOI
Venue
2016
10.1080/12460125.2015.1080494
JOURNAL OF DECISION SYSTEMS
Keywords
Field
DocType
information quality, decision-making, metric for currency, value of information, customer relationship management
Customer relationship management,Computer science,Normative,Knowledge management,Sales management,Value of information,Currency,Information quality
Journal
Volume
Issue
ISSN
25
1
1246-0125
Citations 
PageRank 
References 
3
0.38
21
Authors
2
Name
Order
Citations
PageRank
Bernd Heinrich16610.57
Diana Hristova281.46