Setting priorities for data accuracy improvements in satisficing decision-making scenarios: A guiding theory

This study introduces a mathematical–statistical theory that illustrates the effect of input errors on the accuracy of dichotomous decisions which are implemented through logical conjunction and disjunction of selected criteria. Decision-making instances in this category are often labeled “satisficing.” Mainly, our theory provides criteria for ranking the effect of errors in different inputs on decision accuracy. This ranking can be used to improve the efficiency and effectiveness of resource allocation decisions in data quality management settings. All other things being equal, inputs in which errors exhibit a higher negative effect on the output would naturally earn higher priority.