Value of Information and Flexibility: Making Decisions Under Uncertainties

This book presents a consistent methodology for making decisions under uncertain conditions, as is almost always the case. Tools such as value of information and value of flexibility are explored as a means to make more complex and nuanced decisions.

The book develops the complete formalism for assessing the value of acquiring information with two novel approaches. Firstly, it integrates the fuzzy characteristics of data, and secondly develops a methodology for assessing data acquisition act...