How Much Information Is Enough?

“Knowing just enough to be dangerous.”  A common phrase that is used to implied that one can do more harm than good when acting only on partial knowledge/ information.

However, as we know that the world is not perfect.  And by extension there will never be enough information.  Somehow that does not stop us from generating, collecting, and processing data.  Any wonder why the Big Data is getting bigger.

The question is: How much information is enough?  What is really needed to make good decisions?  The gut feeling says, more is not necessary better.

It takes critical thinking to know where to draw the line on “best available information.”  What we are talking about is the economics of getting and analyzing data.  There is an equilibrium.

On the risk- reward equation, the person that knows enough to be “dangerous” may have got it just right.

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