How can an organization best approach the trade-off of information versus time? (The organization can spend resources in obtaining more information to reduce the uncertainty about a decision. However, that process will require the use of time, which itself could put the organization at a disadvantage.)
Such trade-offs can be resolved by conducting a cost benefit analysis of the whole scenario. As long as the costs, time and effort spent on such information collection is outweighed by the potential benefits of the exercise, organizations should pursue the process. In other words, if the situation is of such strategic importance and the expected benefits of a decision is so high that it ...
Best approach to the trade-off of information versus time