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Abstract
Stored information, used to support decision-making, can be outdated. Existing metrics for currency provide an indication about the correspondence between this stored information and its real-world counterpart. In the case of low currency, this information cannot be effectively used to support decision-making, although the decision-maker can probably learn from it. Our first objective is to develop an extended metric referring to currency, which provides an indication about the real-world information at the time of measurement, based on the stored information. Thus, the decision can be adjusted and the value of the stored information increased. Therefore, as a second objective, we propose a quantitative approach for modelling the influence of currency on decision-making by extending the normative concept of the value of information. Finally, we demonstrate the relevance of our approach by applying it to two real-world scenarios from the field of sales management in customer relationship management.
Disclosure statement
No potential conflict of interest was reported by the authors.
Notes
1. The authors deal with timeliness.
2. Here currency is represented by the age of the stored record, determined by the last update.
3. These values differ from the normative concept of the value of information addressed later.
4. The parameter denotes the time of storage if no update took place and the time of update otherwise. For simplicity, from now on we will only use storage when referring to it, but will mean both.
5. Note that a metric for accuracy, based on Markov chains, is presented in Wechsler and Even (Citation2012).
6. cf. Hilton (Citation1981) and Lawrence (Citation1999), where up to date information is implicitly assumed.