Collateral information

Collateral information are information that are necessary for the full or proper use of basic statement. Very often, this is secondary communiqe, made available as valuable source to maximize the use of owned knowledge.

Details

Collateral information is one of the most important factors that has a significant impact on the final result of a given project. Additional sources of information can refer to many different entities: Both family members, suppliers, friends, contractors, competitors, should be bound to any previously made entries. Support guides can provide objective data and improve the rating or support the specific outcome that we care about.

The development of collateral information requires additional time and effort; It can include various types of training or material resources. Consumers may perceive additional time as a delay, and if it is associated with a poor result, the lack of time and the collection of additional data may be perceived by some as an error.

Collateral information in IRT

In addition to the regular information in the response data, two sources of collateral information are identified:

• the joint information in the responses
• the information from the previous distribution (These one is natural empirical).

Unlike traditional hierarchical item response theory (IRT) modeling, where the gain in estimation accuracy is typically paid, use of this posterior predictive distribution improves both the accuracy and the bias of IRT parameter estimates. In an empirical studies, the improvements are demonstrating for the estimation of the person and item parameters in a three-parameter response.

Genesis

To emphasize that the borrowed information is collected simultaneously with the direct information on the parameters, Novick and Jackson (1974) introduced the notion of collateral information. This term avoids the more temporal connotation. It should be noticed that the use of the term information differs from that elsewhere in scientific endeavors, where it is typically taken to imply that observations can be predicted from other variables. However, collateral information in the hierarchical sense does not require the presence of any predicting variables but is already available if the units of observation can be assumed to follow a common distribution. If the assumption holds, as soon as data are collected for the parameters of some of the units, information is received on all of them, for example, about their typical range of values. Surprisingly, that collateral information is specific for the individual items and persons leads to improvement of both the accuracy.

Examples of Collateral information

• In the case of a loan agreement, collateral information could include the details of the collateral, such as the type, value, and ownership of the asset used to secure the loan.
• In the case of a job offer, collateral information could include the salary, benefits, working hours, and other details of the job.
• In the case of a medical diagnosis, collateral information could include the patient's medical history, physical exam, lab results, and imaging results.
• In the case of a new product launch, collateral information could include the product specifications, pricing, target market, and marketing materials.

Advantages of Collateral information

Collateral information can be a valuable asset for any organization. It can provide a number of advantages, including:

• Greater accuracy and completeness of data: Collateral information can provide additional details and context for basic data, which can make it more accurate and complete. This can be helpful in providing a more accurate picture of a situation.
• Improved decision making: Collateral information can help decision makers make more informed decisions. By providing additional details and context, it can help to identify potential risks and opportunities that might not have been previously considered.
• Improved communication: Collateral information can help to make communication more effective. By providing additional details and context, it can help to ensure that everyone is on the same page and working towards the same goals.
• Enhanced customer experience: Collateral information can help to make the customer experience more enjoyable and efficient. By providing additional details and context, it can help to ensure that customers are getting the best possible service.

Limitations of Collateral information

Collateral information can be limited in several ways. These limitations can include:

• Lack of availability - Collateral information may not be available to all parties or stakeholders involved in a project, which can lead to misunderstandings or discrepancies in the interpretation of the basic statement.
• Varying interpretations - Collateral information may be open to interpretation depending on the context or the person interpreting it. This can lead to differences in opinion or confusion.
• Misinformation - C ollateral information may contain misinformation or be outdated, which can lead to incorrect decisions being made.
• Unreliability - Collateral information may not be reliable or trustworthy, which can lead to inaccurate conclusions or decisions being made.
• Cost - Collateral information may be costly to acquire, which can be a barrier to access for some stakeholders.
• Relevance - Collateral information may not be relevant to the context or situation, which can lead to confusion or misinformation.

Other approaches related to Collateral information

Collateral information encompass a number of approaches that are used to supplement and enhance the primary statement. These approaches can include:

• Analyzing data from complementary sources, such as surveys, interviews, and focus groups, to gain a better understanding of the context and implications of a statement.
• Investigating the potential implications of a statement through scenario building, to explore the possible impacts of the statement.
• Examining the history of a statement and its effects on past decisions, to understand the potential future implications.
• Analyzing the ethical and moral implications of a statement, to understand the potential consequences.
• Examining the political and social implications of a statement, to understand how it might affect society.

In summary, collateral information is a wide range of approaches used to supplement and enhance the primary statement. These approaches are used to gain a more complete understanding of the implications of a statement, including the ethical, political, and social consequences.

Footnotes

Collateral information — recommended articles

Go no go decision — Sample selection bias — Subjective probability — Contribution analysis — Open tender — Rating process — Search for information — Fair deal — Impact of information on decision-making

References

• Carruthers P., Stich S., Siegal M. (2014), The cognitive basis of science, "Cambrige University Press";
• Desbarats A.J., Logan C.E. Hinton M.J., Sharpe D.R. (2002), On the kriging of water table elevations using collateral information from a digital elevation model, "Journal of Hydrology";
• Mislevy R.J., Sheehan K.M. (2009), The role of collateral information about examinees item parameter estimation, "Psychometrika";
• Smit A., Kelderman H., Van der Flier H. (1999), Collateral information and Mixed Rasch models, "Pabst Science Publishers";
• Smit A., Kelderman H., Van der Flier H. (2000), The Mixed Birnbaum Model: Estimation using Collateral Information, "Institute for Science Education";
• Wim J., Rinke H., Fox J.P. (2010), IRT Parameter Estimation With Response Times as Collateral Information, "Applied Psychological Measurement";

Author: Filip Piszczek