Decision Theory and the Value of Information.

Abstract

The continuing need for additional information to support the decision making process has exerted a significant impact on the costs of weapons system acquisition. A technique to evaluate the potential contribution of additional information to the decision making process is presented. Decision theory techniques to include decision trees, probability assessment, identification and quantification of dimensions to evaluate the outcomes as a result of a decision are proposed as a systematic approach to evaluate the potential value of additional information. The need to integrate this concept with other management tools will contribute to the allocation of organization resources to the collection of additional information. (Author)

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Document Details

Document Type
Technical Report
Publication Date
Nov 01, 1973
Accession Number
ADA040394

Entities

People

  • Kenneth S. Herberger

Organizations

  • Defense Systems Management College

Tags

Communities of Interest

  • Human Systems

DTIC Thesaurus Topics

  • Acquisition
  • Contracts
  • Decision Theory
  • Defense Systems
  • Department Of Defense
  • Directives
  • Governments
  • Identification
  • Judgment
  • Management Personnel
  • New York
  • Personnel Management
  • Probability
  • Systems Management
  • Uncertainty
  • Weapon Systems
  • Weapons

Readers

  • Systems Analysis and Design
  • Team-Based Human-Centered Cognitive Task Decision Making and Information Performance.