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A few companies talk about 'information change' as part of their analytics group, for example here: http://graduates.westpacgroup.com.au/graddetails/business-performance-analytics

What does this mean? I have read about change management but I don't think it would be that. Is information change similar to change management, i.e., is it a structured approach to how information is used?

If anyone could give me a clear description of what this is, and how it benefits a business I would appreciate it.

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As you suspected, Information Change is not synonymous with Change Management.

Change Management is a defined process for changing the scope of a project: the forms to fill in, the people to inform, etc.

Information Change seems to be the field of studying the impact of changing certain parts of a data set.

Concepts that you can get a peek at in the abstract about Reasoning about Information Change like:

"You know the meaning of a sentence if you know the change it brings about in the information state of anyone who accepts the news conveyed by it", the meaning of a sentence is associated with a function on information states. We will discuss Veltman’s update semantics as a simple example to illustrate the main notions involved. The language of update semantics is a standard propositional modal language.

and

An update of an information state ᵅ with a sentence p results in a state containing all and only the worlds in ᵅ in which p is true. The result of updating a state ᵅ with a negated sentence is a state containing all worlds in ᵅ that do not survive in ᵅ updated with δ. Conjunction is defined as intersection.

Another glimpse can be seen from the description of this workshop on Correlated Information Change.

Of interest to project managers would be the domino-effect that changing one datum can have on the entire set - and this is where Information Change would meet Change Management and Scheduling. :-)

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