Putting a Value on Data and Information Before Your Gather It
Organizations spend billions of dollars each year gathering and analyzing data. Is it worth it? Does more information always improve decision making? Can we place a value on something as abstract as information?
In this webinar, our speakers explore the concept of the value of information (VOI) using the framework of decision quality. We define “perfect” and imperfect information and demonstrate how to calculate the value of each. We illustrate how to apply this concept and integrate it into your own decision making.
Attend this webinar to learn:
- When information is valuable—and under what circumstances it is not.
- How to calculate the value of information
- How to apply VOI in practical settings
- Why imperfect information is often worth only a tiny fraction of the value of perfect information.
Eric Bickel is Professor and Director of the Graduate Program in Operations Research & Industrial Engineering at The University of Texas at Austin. His research interests include the theory and practice of decision making under uncertainty and its application to business strategy and public policy. He is a partner and member of the board of management consulting firm Strategic Decisions Group.
Bruce Judd has more than 40 years of experience as a consultant and educator in strategic decision-making. He founded and directs the SDG Decision Education Center, which helps organizations develop internal capabilities to enhance the quality of their decision-making.
Original Webinar Date: March 17, 2021