Related papers: Rational Value of Information Estimation for Measu…
In ecological and environmental contexts, management actions must sometimes be chosen urgently. Value of information (VoI) analysis provides a quantitative toolkit for projecting the improved management outcomes expected after making…
This paper develops computable metrics to assign priorities for information collection on network systems made up by binary components. Components are worth inspecting because their condition state is uncertain and the system functioning…
The use of monitored data to improve the accuracy of building energy models and operation of energy systems is ubiquitous, with topics such as building monitoring and Digital Twinning attracting substantial research attention. However,…
The use of data collection to support decision making through the reduction of uncertainty is ubiquitous in the management, operation, and design of building energy systems. However, no existing studies in the building energy systems…
Objectives: Value of information (VOI) analyses can help policy-makers make informed decisions about whether to conduct and how to design future studies. Historically, a computationally expensive method to compute the Expected Value of…
Suppose we have a Bayesian model which combines evidence from several different sources. We want to know which model parameters most affect the estimate or decision from the model, or which of the parameter uncertainties drive the decision…
We consider the following sequential decision problem. Given a set of items of unknown utility, we need to select one of as high a utility as possible (``the selection problem''). Measurements (possibly noisy) of item values prior to…
Return on Investment (ROI) is one of the most popular performance measurement and evaluation metrics. ROI analysis (when applied correctly) is a powerful tool in comparing solutions and making informed decisions on the acquisitions of…
Decision makers involved in the management of civil assets and systems usually take actions under constraints imposed by societal regulations. Some of these constraints are related to epistemic quantities, as the probability of failure…
In medical decision making, we have to choose among several expensive diagnostic tests such that the certainty about a patient's health is maximized while remaining within the bounds of resources like time and money. The expected increase…
Value-of-information analyses provide a straightforward means for selecting the best next observation to make, and for determining whether it is better to gather additional information or to act immediately. Determining the next best test…
The expected value of information (EVI) is the most powerful measure of sensitivity to uncertainty in a decision model: it measures the potential of information to improve the decision, and hence measures the expected value of outcome.…
Effective human-machine collaboration can significantly improve many learning and planning strategies for information gathering via fusion of 'hard' and 'soft' data originating from machine and human sensors, respectively. However,…
One of the most useful sensitivity analysis techniques of decision analysis is the computation of value of information (or clairvoyance), the difference in value obtained by changing the decisions by which some of the uncertainties are…
We outline a method to estimate the value of computation for a flexible algorithm using empirical data. To determine a reasonable trade-off between cost and value, we build an empirical model of the value obtained through computation, and…
The Internet of Things (IoT) is an emerging next-generation technology in the fourth industrial revolution. In industrial IoT networks, sensing devices are largely deployed to monitor various types of physical processes. They are required…
Health impact simulation models are used to predict how a proposed intervention or scenario will affect public health outcomes, based on available data and knowledge of the process. The outputs of these models are uncertain due to…
We consider the optimal value of information (VoI) problem, where the goal is to sequentially select a set of tests with a minimal cost, so that one can efficiently make the best decision based on the observed outcomes. Existing algorithms…
We propose an algorithm for computing Stratonovich's value of information (VoI) that can be regarded as an analogue of the distortion-rate function. We construct an alternating optimization algorithm for VoI under a general information…
Load uncertainty must be accounted for during design to ensure building energy systems can meet energy demands during operation. Reducing building load uncertainty allows for improved designs with less compromise to be identified, reducing…