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We consider optimal conservation strategies for endangered populations. We assume that the survival of the population is affected by unpredictable environmental fluctuation and can be improved by conservation effort. Furthermore, the exact value of the initial population size is assumed to be unknown. The conservation strategy involves two aspects: investment of assessment effort, to improve the estimate of the initial population size and investment of conservation effort. Both types of effort imply economic costs. The optimal management strategy is assumed to minimize the weighted sum of extinction probability and the economic cost of the conservation and the assessment effort. (1) We first analyse the optimal conservation effort when the current population size is known accurately. (2) Next, we consider the situation in which there is limited information (i.e. a cue) on population size. (3) We subsequently discuss the cases where the cue accuracy can be improved by assessment of the population. We study the optimal level of the assessment effort and discuss its dependence on various parameters. [Copyright &y& Elsevier]