Similar Terms
VoI is sometimes distinguished into value of perfect information, also called value of clairvoyance (VoC), and value of imperfect information. They are closely related to the widely known expected value of perfect information and expected value of sample information. Note that VoI is not necessarily equal to "value of decision situation with perfect information" - "value of current decision situation" as commonly understood.
Read more about this topic: Value Of Information
Famous quotes containing the words similar and/or terms:
“Custom, then, is the great guide of human life. It is that principle alone, which renders our experience useful to us, and makes us expect, for the future, a similar train of events with those which have appeared in the past.”
—David Hume (1711–1776)
“In colonial America, the father was the primary parent. . . . Over the past two hundred years, each generation of fathers has had less authority than the last. . . . Masculinity ceased to be defined in terms of domestic involvement, skills at fathering and husbanding, but began to be defined in terms of making money. Men had to leave home to work. They stopped doing all the things they used to do.”
—Frank Pittman (20th century)