This book focuses on analysing the applications of the Shannon Measure of Information (SMI). The book introduces the concept of frustration and discusses the question of the quantification of this concept within information theory (IT), while it also focuses on the interpretation of the entropy of systems of interacting particles in terms of the SMI and of mutual information. The author examines the question of the possibility of measuring the extent of frustration using mutual information and discusses some classical examples of processes of mixing and assimilation for which the entropy changes are interpreted in terms of SMI. A description of a few binding systems and the interpretation of cooperativity phenomena in terms of mutual information are also presented, along with a detailed discussion on the general method of using maximum SMI in order to find the “best-guess” probability distribution. This book is a valuable contribution to the field of information theory and will be of great interest to any scientist who is interested in IT and in its potential applications.