Chapter 7 - Quantifying the value of Information
Chapter 7 - Quantifying the value of Information Accept the fact that not all information is equally valuable for making a certain decision. Certain information is more valuable than other. If you knew what exact information was the most valuable to make a certain decision, you would perhaps straight shoot of it and not waste your energy with other kinds of information For example, when trying to get healthy, if you know the most valuable parameter to you is muscle mass, you wont waste your time with a weighing scale, rather you would go with TNT impedence machine. The McNamara Fallacy “The first step is to measure whatever can be easily measured. This is okay as far as it goes. The second step is to disregard that which can’t easily be measured or to give it an arbitrary quantitative value. This is artificial and misleading. The third step is to presume that what can’t be measured easily isn’t important. This is blindness. The fourth step is to say that what can’t easily ...