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BIO/ENV 291: The Value of Information
Designed for students studying biology or environmental sciences at NKU. This video encourages consideration of information as a commodity -- Created using PowToon. This video is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License https://creativecommons.org/licenses/by-nc/4.0/
published: 20 Jun 2019
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Unit 9: Value of Information, Video 1: Concept of Test
MIT IDS.333 Risk and Decision Analysis, Fall 2021
Instructor: Richard de Neufville
View the complete course: https://ocw.mit.edu/courses/ids-333-risk-and-decision-analysis-fall-2021/
YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP62jwhTqp8_1kwrkDkxZhpQC
New information has value because it allows us to learn about the probability of future outcomes. A test in this context is any process to collect information: beta testing of product, test marketing, pilot projects, etc.
This video has been dubbed using an artificial voice via https://aloud.area120.google.com to increase accessibility. You can change the audio track language in the Settings menu.
License: Creative Commons BY-NC-SA
More information at https://ocw.mit.edu/terms
More courses at https://ocw.mit.edu
Supp...
published: 28 Sep 2022
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Expected Value of Perfect Information - Understand and Calculate from a Decision Tree.
Get the software from https://www.spicelogic.com/Products/decision-tree-software-27. In this video, we have explained the idea of the value of information and the expected value of perfect information. Then, using Decision Tree software from SpiceLogic, we demonstrated how the Expected Value of Perfect Information is calculated and displayed.
published: 12 Sep 2022
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Value of Information
Information is a valuable resource that can provide businesses and individuals with the knowledge they need to make informed decisions. The value of information refers to the benefits that can be gained from acquiring and using information. In this article, we will discuss the value of information and its importance in decision-making.
Improved Decision-Making:
One of the main benefits of information is that it can improve decision-making. With accurate and timely information, businesses and individuals can make better decisions about their operations, investments, and personal lives. For example, a business can use market research to gather information about customer needs and preferences, which can help them develop better products and services. Similarly, individuals can use informatio...
published: 21 Oct 2022
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Unit 9: Value of Information, Video 4: Expected Value of Perfect Information
MIT IDS.333 Risk and Decision Analysis, Fall 2021
Instructor: Richard de Neufville
View the complete course: https://ocw.mit.edu/courses/ids-333-risk-and-decision-analysis-fall-2021/
YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP62jwhTqp8_1kwrkDkxZhpQC
Perfect information is a hypothetical concept that provides an easy-to-calculate upper bound on value of information. The process is simple and intuitive.
This video has been dubbed using an artificial voice via https://aloud.area120.google.com to increase accessibility. You can change the audio track language in the Settings menu.
License: Creative Commons BY-NC-SA
More information at https://ocw.mit.edu/terms
More courses at https://ocw.mit.edu
Support OCW at http://ow.ly/a1If50zVRlQ
We encourage constructive comme...
published: 28 Sep 2022
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Unit 9: Value of Information, Video 3: Expected Value of Sample Information
MIT IDS.333 Risk and Decision Analysis, Fall 2021
Instructor: Richard de Neufville
View the complete course: https://ocw.mit.edu/courses/ids-333-risk-and-decision-analysis-fall-2021/
YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP62jwhTqp8_1kwrkDkxZhpQC
This video outlines the process valuing information for a particular test. It demonstrates the complexity of process and the difficulty of obtaining the needed data. It motivates the practical approach in next video.
This video has been dubbed using an artificial voice via https://aloud.area120.google.com to increase accessibility. You can change the audio track language in the Settings menu.
License: Creative Commons BY-NC-SA
More information at https://ocw.mit.edu/terms
More courses at https://ocw.mit.edu
Support O...
published: 28 Sep 2022
-
Data: Cost vs Value of Information
This snippet is taken from 'Practical Production Optimisation and the Importance of Data'; the first session in our three-part production excellence masterclass. Co-hosted with EnergySys partner, Elite Energy Consultants.
For more info and to see the full recording, visit https://www.energysys.com/2020/05/production-management-masterclass-signup/
published: 04 Mar 2021
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Payoff Table: Expected Value and Perfect Information for Costs
This brief video shows how to make decision based on Expected Value & Expected Value of Perfect Information given a Payoff Table consisting of costs.
EMV and EVPI in Excel: https://youtu.be/WsHCbEAhSzU
published: 06 Jun 2018
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Decision Trees, Expected Value of Perfect Information, Expected Value of Imperfect Information
EM 384, Decision Trees, Expected Value of Perfect Information (EVPI) and Expected Value of Imperfect Information (EVII), Oil Exploration PE, Department of Systems Engineering, West Point
published: 01 Nov 2017
-
Business value of Information
From a managerial context the value of information is judged on the basis of the following parameters:
Timeliness
Presentation
Accuracy
Context
Expectation
published: 23 Jan 2021
2:34
BIO/ENV 291: The Value of Information
Designed for students studying biology or environmental sciences at NKU. This video encourages consideration of information as a commodity -- Created using Pow...
Designed for students studying biology or environmental sciences at NKU. This video encourages consideration of information as a commodity -- Created using PowToon. This video is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License https://creativecommons.org/licenses/by-nc/4.0/
https://wn.com/Bio_Env_291_The_Value_Of_Information
Designed for students studying biology or environmental sciences at NKU. This video encourages consideration of information as a commodity -- Created using PowToon. This video is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License https://creativecommons.org/licenses/by-nc/4.0/
- published: 20 Jun 2019
- views: 4156
8:23
Unit 9: Value of Information, Video 1: Concept of Test
MIT IDS.333 Risk and Decision Analysis, Fall 2021
Instructor: Richard de Neufville
View the complete course: https://ocw.mit.edu/courses/ids-333-risk-and-decisi...
MIT IDS.333 Risk and Decision Analysis, Fall 2021
Instructor: Richard de Neufville
View the complete course: https://ocw.mit.edu/courses/ids-333-risk-and-decision-analysis-fall-2021/
YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP62jwhTqp8_1kwrkDkxZhpQC
New information has value because it allows us to learn about the probability of future outcomes. A test in this context is any process to collect information: beta testing of product, test marketing, pilot projects, etc.
This video has been dubbed using an artificial voice via https://aloud.area120.google.com to increase accessibility. You can change the audio track language in the Settings menu.
License: Creative Commons BY-NC-SA
More information at https://ocw.mit.edu/terms
More courses at https://ocw.mit.edu
Support OCW at http://ow.ly/a1If50zVRlQ
We encourage constructive comments and discussion on OCW’s YouTube and other social media channels. Personal attacks, hate speech, trolling, and inappropriate comments are not allowed and may be removed. More details at https://ocw.mit.edu/comments.
https://wn.com/Unit_9_Value_Of_Information,_Video_1_Concept_Of_Test
MIT IDS.333 Risk and Decision Analysis, Fall 2021
Instructor: Richard de Neufville
View the complete course: https://ocw.mit.edu/courses/ids-333-risk-and-decision-analysis-fall-2021/
YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP62jwhTqp8_1kwrkDkxZhpQC
New information has value because it allows us to learn about the probability of future outcomes. A test in this context is any process to collect information: beta testing of product, test marketing, pilot projects, etc.
This video has been dubbed using an artificial voice via https://aloud.area120.google.com to increase accessibility. You can change the audio track language in the Settings menu.
License: Creative Commons BY-NC-SA
More information at https://ocw.mit.edu/terms
More courses at https://ocw.mit.edu
Support OCW at http://ow.ly/a1If50zVRlQ
We encourage constructive comments and discussion on OCW’s YouTube and other social media channels. Personal attacks, hate speech, trolling, and inappropriate comments are not allowed and may be removed. More details at https://ocw.mit.edu/comments.
- published: 28 Sep 2022
- views: 1176
6:34
Expected Value of Perfect Information - Understand and Calculate from a Decision Tree.
Get the software from https://www.spicelogic.com/Products/decision-tree-software-27. In this video, we have explained the idea of the value of information and t...
Get the software from https://www.spicelogic.com/Products/decision-tree-software-27. In this video, we have explained the idea of the value of information and the expected value of perfect information. Then, using Decision Tree software from SpiceLogic, we demonstrated how the Expected Value of Perfect Information is calculated and displayed.
https://wn.com/Expected_Value_Of_Perfect_Information_Understand_And_Calculate_From_A_Decision_Tree.
Get the software from https://www.spicelogic.com/Products/decision-tree-software-27. In this video, we have explained the idea of the value of information and the expected value of perfect information. Then, using Decision Tree software from SpiceLogic, we demonstrated how the Expected Value of Perfect Information is calculated and displayed.
- published: 12 Sep 2022
- views: 3803
6:06
Value of Information
Information is a valuable resource that can provide businesses and individuals with the knowledge they need to make informed decisions. The value of information...
Information is a valuable resource that can provide businesses and individuals with the knowledge they need to make informed decisions. The value of information refers to the benefits that can be gained from acquiring and using information. In this article, we will discuss the value of information and its importance in decision-making.
Improved Decision-Making:
One of the main benefits of information is that it can improve decision-making. With accurate and timely information, businesses and individuals can make better decisions about their operations, investments, and personal lives. For example, a business can use market research to gather information about customer needs and preferences, which can help them develop better products and services. Similarly, individuals can use information about job opportunities and salaries to make decisions about their careers.
Competitive Advantage:
Information can also provide businesses with a competitive advantage. By gathering and analyzing data about their competitors, businesses can identify opportunities for growth and develop strategies to outperform their rivals. For example, a business can use information about their competitors' marketing campaigns and pricing strategies to develop more effective marketing and pricing strategies of their own.
Increased Efficiency:
Information can also help businesses and individuals become more efficient. By providing insight into processes and operations, information can identify inefficiencies and areas for improvement. For example, a business can use information about their supply chain to identify bottlenecks and inefficiencies, which can be addressed to reduce costs and improve productivity.
Risk Management:
Information can also help businesses and individuals manage risk. By providing insight into potential risks and threats, information can help businesses and individuals develop strategies to mitigate these risks. For example, a business can use information about market trends and economic conditions to develop contingency plans in case of a downturn.
Innovation:
Information can also drive innovation. By providing insight into customer needs and preferences, information can inspire new ideas and product development. For example, a business can use information about customer feedback and reviews to develop new products that better meet customer needs.
In conclusion, the value of information cannot be overstated. From improved decision-making to increased efficiency and innovation, information can provide businesses and individuals with the tools they need to succeed in today's fast-paced and competitive world. However, it is important to note that not all information is created equal. It is essential to gather accurate and relevant information that is specific to the needs of the individual or business. Additionally, it is important to be able to analyse and interpret the information in a meaningful way to fully realize its value.
Furthermore, it is also important to consider the cost of acquiring and processing information. The cost of gathering and analysing information can vary widely depending on the type and quality of the data, the tools and resources required, and the expertise of the individuals involved. It is important to weigh the potential benefits of the information against the costs of acquiring and processing it to determine its overall value.
Finally, it is important to note that the value of information is not static. Information can quickly become outdated or irrelevant in today's rapidly changing business environment. Therefore, it is important to continually gather and analyse information to stay ahead of the competition and make informed decisions that drive success.
https://wn.com/Value_Of_Information
Information is a valuable resource that can provide businesses and individuals with the knowledge they need to make informed decisions. The value of information refers to the benefits that can be gained from acquiring and using information. In this article, we will discuss the value of information and its importance in decision-making.
Improved Decision-Making:
One of the main benefits of information is that it can improve decision-making. With accurate and timely information, businesses and individuals can make better decisions about their operations, investments, and personal lives. For example, a business can use market research to gather information about customer needs and preferences, which can help them develop better products and services. Similarly, individuals can use information about job opportunities and salaries to make decisions about their careers.
Competitive Advantage:
Information can also provide businesses with a competitive advantage. By gathering and analyzing data about their competitors, businesses can identify opportunities for growth and develop strategies to outperform their rivals. For example, a business can use information about their competitors' marketing campaigns and pricing strategies to develop more effective marketing and pricing strategies of their own.
Increased Efficiency:
Information can also help businesses and individuals become more efficient. By providing insight into processes and operations, information can identify inefficiencies and areas for improvement. For example, a business can use information about their supply chain to identify bottlenecks and inefficiencies, which can be addressed to reduce costs and improve productivity.
Risk Management:
Information can also help businesses and individuals manage risk. By providing insight into potential risks and threats, information can help businesses and individuals develop strategies to mitigate these risks. For example, a business can use information about market trends and economic conditions to develop contingency plans in case of a downturn.
Innovation:
Information can also drive innovation. By providing insight into customer needs and preferences, information can inspire new ideas and product development. For example, a business can use information about customer feedback and reviews to develop new products that better meet customer needs.
In conclusion, the value of information cannot be overstated. From improved decision-making to increased efficiency and innovation, information can provide businesses and individuals with the tools they need to succeed in today's fast-paced and competitive world. However, it is important to note that not all information is created equal. It is essential to gather accurate and relevant information that is specific to the needs of the individual or business. Additionally, it is important to be able to analyse and interpret the information in a meaningful way to fully realize its value.
Furthermore, it is also important to consider the cost of acquiring and processing information. The cost of gathering and analysing information can vary widely depending on the type and quality of the data, the tools and resources required, and the expertise of the individuals involved. It is important to weigh the potential benefits of the information against the costs of acquiring and processing it to determine its overall value.
Finally, it is important to note that the value of information is not static. Information can quickly become outdated or irrelevant in today's rapidly changing business environment. Therefore, it is important to continually gather and analyse information to stay ahead of the competition and make informed decisions that drive success.
- published: 21 Oct 2022
- views: 1019
11:44
Unit 9: Value of Information, Video 4: Expected Value of Perfect Information
MIT IDS.333 Risk and Decision Analysis, Fall 2021
Instructor: Richard de Neufville
View the complete course: https://ocw.mit.edu/courses/ids-333-risk-and-decisi...
MIT IDS.333 Risk and Decision Analysis, Fall 2021
Instructor: Richard de Neufville
View the complete course: https://ocw.mit.edu/courses/ids-333-risk-and-decision-analysis-fall-2021/
YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP62jwhTqp8_1kwrkDkxZhpQC
Perfect information is a hypothetical concept that provides an easy-to-calculate upper bound on value of information. The process is simple and intuitive.
This video has been dubbed using an artificial voice via https://aloud.area120.google.com to increase accessibility. You can change the audio track language in the Settings menu.
License: Creative Commons BY-NC-SA
More information at https://ocw.mit.edu/terms
More courses at https://ocw.mit.edu
Support OCW at http://ow.ly/a1If50zVRlQ
We encourage constructive comments and discussion on OCW’s YouTube and other social media channels. Personal attacks, hate speech, trolling, and inappropriate comments are not allowed and may be removed. More details at https://ocw.mit.edu/comments.
https://wn.com/Unit_9_Value_Of_Information,_Video_4_Expected_Value_Of_Perfect_Information
MIT IDS.333 Risk and Decision Analysis, Fall 2021
Instructor: Richard de Neufville
View the complete course: https://ocw.mit.edu/courses/ids-333-risk-and-decision-analysis-fall-2021/
YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP62jwhTqp8_1kwrkDkxZhpQC
Perfect information is a hypothetical concept that provides an easy-to-calculate upper bound on value of information. The process is simple and intuitive.
This video has been dubbed using an artificial voice via https://aloud.area120.google.com to increase accessibility. You can change the audio track language in the Settings menu.
License: Creative Commons BY-NC-SA
More information at https://ocw.mit.edu/terms
More courses at https://ocw.mit.edu
Support OCW at http://ow.ly/a1If50zVRlQ
We encourage constructive comments and discussion on OCW’s YouTube and other social media channels. Personal attacks, hate speech, trolling, and inappropriate comments are not allowed and may be removed. More details at https://ocw.mit.edu/comments.
- published: 28 Sep 2022
- views: 1401
5:48
Unit 9: Value of Information, Video 3: Expected Value of Sample Information
MIT IDS.333 Risk and Decision Analysis, Fall 2021
Instructor: Richard de Neufville
View the complete course: https://ocw.mit.edu/courses/ids-333-risk-and-decisi...
MIT IDS.333 Risk and Decision Analysis, Fall 2021
Instructor: Richard de Neufville
View the complete course: https://ocw.mit.edu/courses/ids-333-risk-and-decision-analysis-fall-2021/
YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP62jwhTqp8_1kwrkDkxZhpQC
This video outlines the process valuing information for a particular test. It demonstrates the complexity of process and the difficulty of obtaining the needed data. It motivates the practical approach in next video.
This video has been dubbed using an artificial voice via https://aloud.area120.google.com to increase accessibility. You can change the audio track language in the Settings menu.
License: Creative Commons BY-NC-SA
More information at https://ocw.mit.edu/terms
More courses at https://ocw.mit.edu
Support OCW at http://ow.ly/a1If50zVRlQ
We encourage constructive comments and discussion on OCW’s YouTube and other social media channels. Personal attacks, hate speech, trolling, and inappropriate comments are not allowed and may be removed. More details at https://ocw.mit.edu/comments.
https://wn.com/Unit_9_Value_Of_Information,_Video_3_Expected_Value_Of_Sample_Information
MIT IDS.333 Risk and Decision Analysis, Fall 2021
Instructor: Richard de Neufville
View the complete course: https://ocw.mit.edu/courses/ids-333-risk-and-decision-analysis-fall-2021/
YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP62jwhTqp8_1kwrkDkxZhpQC
This video outlines the process valuing information for a particular test. It demonstrates the complexity of process and the difficulty of obtaining the needed data. It motivates the practical approach in next video.
This video has been dubbed using an artificial voice via https://aloud.area120.google.com to increase accessibility. You can change the audio track language in the Settings menu.
License: Creative Commons BY-NC-SA
More information at https://ocw.mit.edu/terms
More courses at https://ocw.mit.edu
Support OCW at http://ow.ly/a1If50zVRlQ
We encourage constructive comments and discussion on OCW’s YouTube and other social media channels. Personal attacks, hate speech, trolling, and inappropriate comments are not allowed and may be removed. More details at https://ocw.mit.edu/comments.
- published: 28 Sep 2022
- views: 923
1:03
Data: Cost vs Value of Information
This snippet is taken from 'Practical Production Optimisation and the Importance of Data'; the first session in our three-part production excellence masterclass...
This snippet is taken from 'Practical Production Optimisation and the Importance of Data'; the first session in our three-part production excellence masterclass. Co-hosted with EnergySys partner, Elite Energy Consultants.
For more info and to see the full recording, visit https://www.energysys.com/2020/05/production-management-masterclass-signup/
https://wn.com/Data_Cost_Vs_Value_Of_Information
This snippet is taken from 'Practical Production Optimisation and the Importance of Data'; the first session in our three-part production excellence masterclass. Co-hosted with EnergySys partner, Elite Energy Consultants.
For more info and to see the full recording, visit https://www.energysys.com/2020/05/production-management-masterclass-signup/
- published: 04 Mar 2021
- views: 79
2:58
Payoff Table: Expected Value and Perfect Information for Costs
This brief video shows how to make decision based on Expected Value & Expected Value of Perfect Information given a Payoff Table consisting of costs.
EMV and E...
This brief video shows how to make decision based on Expected Value & Expected Value of Perfect Information given a Payoff Table consisting of costs.
EMV and EVPI in Excel: https://youtu.be/WsHCbEAhSzU
https://wn.com/Payoff_Table_Expected_Value_And_Perfect_Information_For_Costs
This brief video shows how to make decision based on Expected Value & Expected Value of Perfect Information given a Payoff Table consisting of costs.
EMV and EVPI in Excel: https://youtu.be/WsHCbEAhSzU
- published: 06 Jun 2018
- views: 216708
24:45
Decision Trees, Expected Value of Perfect Information, Expected Value of Imperfect Information
EM 384, Decision Trees, Expected Value of Perfect Information (EVPI) and Expected Value of Imperfect Information (EVII), Oil Exploration PE, Department of Syste...
EM 384, Decision Trees, Expected Value of Perfect Information (EVPI) and Expected Value of Imperfect Information (EVII), Oil Exploration PE, Department of Systems Engineering, West Point
https://wn.com/Decision_Trees,_Expected_Value_Of_Perfect_Information,_Expected_Value_Of_Imperfect_Information
EM 384, Decision Trees, Expected Value of Perfect Information (EVPI) and Expected Value of Imperfect Information (EVII), Oil Exploration PE, Department of Systems Engineering, West Point
- published: 01 Nov 2017
- views: 68658
4:40
Business value of Information
From a managerial context the value of information is judged on the basis of the following parameters:
Timeliness
Presentation
Accuracy
Context
Expectation
From a managerial context the value of information is judged on the basis of the following parameters:
Timeliness
Presentation
Accuracy
Context
Expectation
https://wn.com/Business_Value_Of_Information
From a managerial context the value of information is judged on the basis of the following parameters:
Timeliness
Presentation
Accuracy
Context
Expectation
- published: 23 Jan 2021
- views: 501