作文素材总库CreateTime.pptVIP

Information Collection - Key Strategy Motivation To reduce uncertainty which makes us choose “second best” solutions as insurance Concept Insert an information-gathering stage (e.g., a test) before decision problems, as an option Operation of Test EV (after test) EV (without test) Why? Because we can avoid bad choices and take advantage of good ones, in light of test results Question: Since test generally has a cost, is the test worthwhile?What is the value of information?Does it exceed the cost of the test? Value of Information - Essential Concept Value of information is an expected value