Value of information

A large investment is made by oil and gas companies in acquiring open hole log data. Logging activities can represent between 5% and 15% of total well cost. It is important therefore to ensure that the cost of acquisition can be justified by the value of information generated and that thereafter the information is effectively managed. 

Keywords reducing uncertainty, cost-effective information, ranking sources of uncertainty, re-processing seismic, interference tests, aquifer behaviour, % uncertainty, decision tree analysis, value of information, fiscal regime, suspended wells, phased development. 

As discussed at the beginning of this section, the value of information from appraisal is the difference between the outcome of the decision with the information and the outcome of the decision without the information. 

Assess the value of information How can I exploit what I know the enemy does not know about me ... 

A recent review of option models in drug development, co-authored by a biostatistician from AstraZeneca in Molndal, Sweden [14], suggests that there has up to now been a lack of appreciation among pharmaceutical executives of the value that statistics could bring to the decision making process. This review quantifies the value of information that could terminate unsuccessful projects early and assesses the time-risk trade-off. It proves that projects split... 

Every space group listed in the family tree corresponds to a structure. Since the space group symbol itself states only symmetry, and gives no information about the atomic positions, additional information concerning these is necessary for every member of the family tree (Wyckoff symbol, site symmetry, atomic coordinates). The value of information of a tree is rather restricted without these data. In simple cases the data can be included in the family tree in more complicated cases an additional table is convenient. The following examples show how specifications can be made for the site occupations. Because they are more informative, it is advisable to label the space groups with their full Hermann-Mauguin symbols. 

Positive values of information content always means a decrease of the a priori uncertainty about the measurand... 

Returning to our discussion of benefits, we note that they fell into two principal areas the time-value of information and the improvement in laboratory productivity. As we saw, assessing the benefits from the time-value of information requires examination of the total process through which that information will be used. For example, using data such as the anticipated improvement in laboratory turn around time, the rate at which material Is produced and its value, and the current the financial losses attributable to scrap or rework, one can estimate the savings in dollars to be accrued (each hour of faulty production avoided through faster lab turnaround time yields as a gain to the firm, the revenue that otherwise would have been lost). 

EPA ARIP Responses to questionnaires sent by EPA from facilities that have had significant releases purpose is to learn about causes and consequences of hazardous material incidents 1986-Present Supplements NRC reports for more significant events Additional information on causal factors, consequences, and company safety programs Data are easily analyzed for common causes Includes all states and localities Survey relies on voluntary compliance Not comprehensive limited to select cases Checklist approach limits value of information to understand root cause Not designed to be a lessons-leamed database... 

Females with higher oestrogen levels show higher information content in their movements when they are confronted with the stimulus male but only in the case of paired females the male reacts. We have found the highest values of information content when a female stimulus is present but there is no difference between paired and single females when a male stimulus is present (See Table 2). 

The combined ISS/SIMS is an extremely useful surface analytical technique that can provide several types of data from the same surface. Both ISS and SIMS employ ion beams, and thereby both methods can utilize the same ion source for the surface probe, as schematically shown in Fig. 2.16. Addition of a specially designed ion lens and quadruple mass spectrometer can make the whole system much more efficient. The value of information obtained from the combination of these two systems is... 

The remainder of this Chapter is organized as follows. In Section 8.2 we will discuss model formulation for petrochemical network planning under uncertainty and with uncertainty and risk consideration, referred to as robust optimization. Then we will briefly explain the concept of value of information and stochastic solution, in Section 8.3. In Section 8.4, we will illustrate the performance of the model through an industrial case study. The chapter ends with concluding remarks in Section 8.5. 

Determine whether there are more cost-effective alternatives to additional data generation and risk assessment refinements. What-if analyses can be used to examine the savings in risk management that might result from additional data generation. Techniques that may be suitable for this include Bayesian Monte Carlo and expected value of information (EVOI) analysis (Dakins et al. 1996). 

Claxton K., L. GinneUy, M. Sculpher, Z. Philips, and S. Palmer. 2004. A Pilot Study on the Use of Decision Theory and Value of Information Analysis as Past of the National Health Service Technology Assessment Programme. Health Technology Assessment 8(31) (whole issue). 

G. S. Omenn, S. Stuebbe, and L. B. Lave, Predictions of Rodent Carcinogenicity Testing Results Interpretation in Light of the Lave-Omenn Value-of-Information Model, Mol. Carcinog. 14 (1995) 57-45. 

Let us consider each issue in turn the definition and measurement of patient compliance, and the value of information about patient compliance and its correlates in a changing health care environment. 

If the population is not normally distributed and cannot be transformed into a GAUS-Sian distribution, then the required number of individual samples should be determined on the basis of other distributions [KRATOCHVIL et al., 1986 SHARAF et al., 1986] if no classical distribution type exists, robust statistics must be applied [ROUSSEEUW and LEROY, 1987]. HAKANSON [1984] has described the relationship between the pretreatment of river sediment samples (sieving, centrifugation) and the value of information defined by analogy with Eq. 4-4. 

It has been said in the natural world, the aim is to achieve the maximum value of information entropy. In this section, the relationship between a probability density distribution function and the maximum value of the information entropy is discussed. In the case of a mathematical discussion, it is easier to treat information entropy H(t) based on continuous variables H(t) rather than the information entropy based on discrete variables H X). In the following, H(t) is studied, and the probability density distribution function p(t) for the maximum value of information entropy H(t)max under three typical restriction conditions is shown. 

The range of integration shows the given restrictive condition. Under these conditions, the form of the probability density distribution function p(t) for the maximum value of information entropy is investigated. By using calculus... 

The value of information mining the literature for knowledge has been illustrated repeatedly. In 1986, Donald R. Swanson, an information scientist, mathematician,... 

F. Yokota, G. Gray, J.K. Hammitt and K.M. Thompson, Tiered Chemical Testing A Value of Information Approach, Risk Analysis, 2004, 24, 1625. 

One effective method of obtaining information about zinc metabolism Is the use of radioactive tracers to study absorption, kinetics and body distribution following oral administration. Of course, as in all cases in which radionuclides are administered to human subjects, the hazard of such administration must be considered and balanced against the value of information expected from the study. The administered activity should be as low as possible consistent with obtaining adequate measurements. The studies reported here were carried out in accordance with approved protocols which followed relevant guidelines for studies of human subjects and with the informed consent of the participating subjects. 

When necessary, the assessor should consider the use of more advanced analysis methods (e.g. probability-based methods or more sophisticated/rigorous models) and focused data collection efforts to facilitate the development of a modeling approach that will result in estimates that are more representative of the actual exposure distribution. In the case of data collection, the value of information that could be gained is an important part of justification for the reduction of uncertainties by further study. 

The specific values of information embedding rates appearing in these tables are due to the ECC used in these tests. The error correcting codewords we have used were the rows of the Hadamard matrices of varoius orders, together with their binary complementary sequences. The rate - R - of the code is determined from the order - h - of the Hadamard matrix by the relation R = where in our experiments h = 5,..., 12. 

When a decision is to be made about whether to expend resources to acquire additional information (e.g. problems involving the value of information). 

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