However, it is important to note that beliefs need not be significantly biased simply because information is not quantified. For instance, the managers who decide how much Chemical A to use may understand that, because of disposal costs, its true costs are greater than $50. That is, there may be a qualitative understanding of the disposal cost X that influences the firm's decisions. While still uncertain, managers may estimate X to be something greater than zero, and thus closer to its true value. Analysis and quantification are likely to improve the quality of that estimate, but not as much as they would.
