On the economics and timing of data evaluation and estimation in an industrial setting

A. A. Bondi

Journal of the American Society for Information Science, 1979, vol. 30, issue 6, 360-363

Abstract: A composite picture of the role of data evaluation and estimation in the course of industrial chemical development, from exploratory chemistry to plant startup, shows that the effective cost of ignorance rises steeply throughout this period. Yet, uncertainty regarding the actual need for information or data, quite rationally, postpones any allocation of scarce and expansive manpower resources for its generation until the penalty of a gaping knowledge hole is clarly visible. This is but one of many examples of the inherent unanswerability of the quest for a single‐valued benefit/cost ratio for information in an industrial setting. In fact, in industry the real need is generally less for “information” than for the availability of the talented technical professional who has the combination of engineering judgment and basic scientific knowledge to be able to generate required but specific information at the right time. The anchor role provided by the existence of critically evaluated data and estimation methods in the overall innovation cycle is emphasized.

Date: 1979
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Persistent link: https://EconPapers.repec.org/RePEc:bla:jamest:v:30:y:1979:i:6:p:360-363

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