๐”– Bobbio Scriptorium
โœฆ   LIBER   โœฆ

The economics of information and the internet

โœ Scribed by William C. Lisse Jr.

Publisher
John Wiley and Sons
Year
1998
Weight
134 KB
Volume
9
Category
Article
ISSN
1058-0247

No coin nor oath required. For personal study only.

โœฆ Synopsis

To provide firms with the maximum value, competitive intelligence professionals must understand and identify the costs involved in information acquisition, both quantitative and qualitative, as well as specific benefits. CI overhead, and new information processing systems such as data mining, contribute to the overall costs. Like other allocation decisions, information collection and analysis efforts should continue until the marginal cost of each piece of data is equal to the marginal benefit of that data. Since it is impossible to know how useful data will be until it has been collected and analyzed, the value must be evaluated based on its expected or anticipated benefits. The goal should be to answer the priority needs of corporate managers and strategic planners; the end product should be decisions that cause actions.

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