Value Of Information And Flexibility

Author : Martin J. Vilela,Gbenga F. Oluyemi
Publisher : Springer Nature
Page : 295 pages
File Size : 44,7 Mb
Release : 2021-10-21
Category : Technology & Engineering
ISBN : 9783030869892

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Value of Information and Flexibility by Martin J. Vilela,Gbenga F. Oluyemi Pdf

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 actions that optimize the value of projects from a holistic perspective. The book also discusses the formalism for including flexibility in the project decision assessment. Practical examples of oil- and gas-related decision problems are included and discussed to facilitate the learning process. This book provides valuable advice and case studies applicable to engineers, researchers, and graduate students, particularly in the oil and gas industry and pharmaceutic industry.

Author : Stanford University. Engineering-Economic Systems Department. Decision Analysis Program,Miley Wesson Merkhofer
Publisher : Unknown
Page : 68 pages
File Size : 42,9 Mb
Release : 1975
Category : Decision-making
ISBN : STANFORD:36105046330101

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The Value of Information Given Decision Flexibility by Stanford University. Engineering-Economic Systems Department. Decision Analysis Program,Miley Wesson Merkhofer Pdf

This paper presents a useful concept for decision analysis -- the value of information having flexibility. An exploration is made into the impact of decision flexibility on the value of information. The usefulness of calculating the value of information under various assumptions concerning decision flexibility is illustrated with a simple economic example. An upper limit to the value of information given flexibility is the expected value of perfect information given perfect flexibility (EVPIGPF). By approximating an arbitrary smooth value function with a quadratic equation, first order characteristics of the EVPIGPF are identified. Finally, it is shown that the technique of proximal decision analysis may be expanded to provide a simplified estimation of the EVPIGPF for large-scale decision problems.

Author : Achim Bachem,Ulrich Derigs,Michael Jünger,Rainer Schrader
Publisher : Springer Science & Business Media
Page : 574 pages
File Size : 53,5 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642469558

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Operations Research ’93 by Achim Bachem,Ulrich Derigs,Michael Jünger,Rainer Schrader Pdf

This proceedings volume contains extended abstracts of talks presented at the 18th Symposium on Operations Research held at the University of Cologne, September 1-3, 1993. The Symposia on Operations Research are the annual meetings of the Gesellschaft fiir Mathematik, Okonometrie und Operations Research (GMOOR), a scientific society providing a link between research and applications in the areas of applied mathematics, economics and operations research. The broad range of interests and scientific activities covered by GMOOR and its members was demonstrated by about 250 talks presented at the 18th Symposium. As in l'ecent years, emphasis was placed on optimization and stochastics, this year with a special focus on combinatorial optimization and discrete mathematics. We appreciate that with sections on parallel and distributed computing and on scientific computing also new fields could be integrated into the scope of the GMOOR. This book contains extended abstracts of most of the papers presented at the con ference. Long versions and full papers of the talks are expected to appear elsewhere in refereed periodicals. The contributions were divided into sixteen sections: (1) Theory of Optimization, (2) Computational Methods of Optimization, (3) Combinatorial Optimization and Dis crete Mathematics, (4) Scientific Computing, (5) Decision Theory, (6) Mathematical Economics and Game Theory, (7) Banking, Finance and Insurance, (8) Econometrics, (9) Macroeconomics and Economic Theory, (10) Stochastics, (11) Production and Lo gistics, (12) System and Control Theory, (13) Routing and Scheduling, (14) Knowledge Based Systems, (15) Information Systems and (16) Parallel and Distributed Compu ting.

Author : Armin Schmutzler
Publisher : Springer Science & Business Media
Page : 204 pages
File Size : 50,7 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642956713

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Flexibility and Adjustment to Information in Sequential Decision Problems by Armin Schmutzler Pdf

1 The Importance of Irreversibility and Learning - Familiar 11 Bxamples Revisited 1. 1 Neoclassical Investment Models: A Brief Survey 11 1. 1. 1 The Standard Neoclassical Investment Theory Model 13 1. 1. 2 The Investment Model with Adjustment Costs 15 1. 1. 3 The Irreversibility of Investment 17 1. 1. 4 Delivery Lags 18 1. 2 Flexible Manufacturing Systems 22 1. 2. 1 Some Basic Facts about Manufacturing 23 1. 2. 2 The Determinants of the Flexibility of Manufacturing Systems 25 1. 2. 3 Manufacturing as a Multiperiod Choice Problem 28 1. 3 Conclusions 30 2 The Role of Irreversibility and Learning in Sequential Decision Problems - Basic Concepts 33 2. 1 The Two-Period Model without Uncertainty 33 2. 1. 1 The Elements of the Model 34 2. 1. 2 Economic Examples 37 2. 1. 3 Some Basic Results 39 2. 1. 4 Intertemporal Opportunity Costs 42 2. 2 The Two-Period Model with Uncertainty 46 2. 2. 1 The Elements of the Kodel 46 2. 2. 2 Special Cases 50 2. 2. 3 Flexibility and the Value of Information 54 2. 2. 4 An Example: Waiting to Invest 56 2. 3 Switching Costs 59 2. 3. 1 The Extended Model 59 2. 3. 2 An Example: Money Demand as Demand for Flexibility 61 2. 4 Summary and Outlook 63 3 Determinants of the Optimal Choice in Sequential Decision Problems - The Two-Period Case 65 3. 1 The Formulation of the Problem 66 3. 1.

Author : Pietro Scialdone
Publisher : Cuvillier Verlag
Page : 339 pages
File Size : 49,8 Mb
Release : 2007
Category : Electronic
ISBN : 9783867273787

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Valuing Managerial Flexibility by Pietro Scialdone Pdf

Author : Julia Connell,Renu Agarwal,Sushil,Sanjay Dhir
Publisher : Springer
Page : 339 pages
File Size : 54,5 Mb
Release : 2018-05-04
Category : Business & Economics
ISBN : 9789811089299

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Global Value Chains, Flexibility and Sustainability by Julia Connell,Renu Agarwal,Sushil,Sanjay Dhir Pdf

This book provides a conceptual framework of global value chains, flexibility and sustainability, supported by research projects, case applications and models in various related areas organized into three parts. In the first part of the book, various authors discuss how to improve the efficiency and effectiveness of global value chains through various types of analyses. While the focus is on cluster management, and mergers and joint ventures, the legal aspects of control and liability concerning the integration of value chains, is also examined in one of the contributions. The second part includes chapters concerning ‘Strategy and Flexibility’. Strategies concern topics such as inventory management, talent management, strategic alignment, decision making, behavioural change and HR systems. The third and final part of the volume concerns the topic of ‘Sustainability’, wherein the contributions focus on various initiatives intended to promote sustainability across respective value chains bearing in mind the concept of flexibility. The book is a valuable resource for a varied audience, ranging from management students and researchers, to practicing business managers, as well as for professional institutions, consultants, and corporate organizations.

Author : Sushil Bikhchandani,Jack Hirshleifer,John G. Riley
Publisher : Cambridge University Press
Page : 509 pages
File Size : 50,9 Mb
Release : 2013-08-12
Category : Business & Economics
ISBN : 9780521834087

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The Analytics of Uncertainty and Information by Sushil Bikhchandani,Jack Hirshleifer,John G. Riley Pdf

This second edition, with a greater focus on game theory, attempts to unify recent developments in economic theories of uncertainty and information for students.

Author : Ian W. Hardie
Publisher : Routledge
Page : 750 pages
File Size : 54,8 Mb
Release : 2017-09-08
Category : Business & Economics
ISBN : 9781351891073

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The Economics of Land Use by Ian W. Hardie Pdf

The Economics of Land Use brings together the most significant journal essays in key areas of contemporary agricultural, food and resource economics and land use policy. The editors provide a state-of-the-art overview of the topic and access to the economic literature that has shaped contemporary perspectives on land use analysis and policy.

Author : Eduardo Lalla-Ruiz,Martijn Mes,Stefan Voß
Publisher : Springer Nature
Page : 780 pages
File Size : 41,7 Mb
Release : 2020-09-26
Category : Computers
ISBN : 9783030597474

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Computational Logistics by Eduardo Lalla-Ruiz,Martijn Mes,Stefan Voß Pdf

This book constitutes the proceedings of the 11th International Conference on Computational Logistics, ICCL 2020, held in Enschede, The Netherlands, in September 2020. The 49 papers included in this book were carefully reviewed and selected from 73 submissions. They were organized in topical sections named: maritime and port logistics; vehicle routing and scheduling; freight distribution and city logistics; network design and scheduling; and selected topics in logistics. Due to the Corona pandemic ICCL 2020 was held as a virtual event.

Author : Henrik Legind Larsen
Publisher : Springer Science & Business Media
Page : 730 pages
File Size : 54,5 Mb
Release : 2006-05-30
Category : Computers
ISBN : 9783540346388

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Flexible Query Answering Systems by Henrik Legind Larsen Pdf

This book constitutes the refereed proceeding of the 7th International Conference on Flexible Query Answering Systems, FQAS 2006, held in Milan, Italy in June 2006. The 60 revised full papers presented were carefully reviewed and selected from numerous submissions. The papers are organized in topical sections on flexibility in database management and quering, vagueness and uncertainty in XML quering and retrieval, information retrieval and filtering, multimedia information access, user modeling and personalization, knowledge and data extraction, intelligent information extraction from text, and knowledge representation and reasoning.

Author : Fritz Machlup
Publisher : Princeton University Press
Page : 666 pages
File Size : 45,8 Mb
Release : 2014-07-14
Category : Political Science
ISBN : 9781400856022

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Knowledge: Its Creation, Distribution and Economic Significance, Volume III by Fritz Machlup Pdf

Volume III examines in clear and elegant prose the roles of knowledge and information in economics. Part One analyzes the effects of new or uncertain information on market performance; examines the formation and revision of expectations; and provides a classification of literature and an extensive bibliography. Part Two discusses private and social valuations of education and training, the controversy over nature vs. nurture," the issue of "credentialism," and the depreciation of human capital. Originally published in 1984. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Author : Stefan Spinler
Publisher : Springer Science & Business Media
Page : 143 pages
File Size : 50,7 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642190063

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Capacity Reservation for Capital-intensive Technologies by Stefan Spinler Pdf

Arguably the central problem in operations research and management science (OR/MS) addressed by e-Business is better coordination of supply and de mand, including price discovery and reduction of transactions costs of buyer seller interactions. In capital-intensive industries like chemicals and steel, the out-of-pocket costs of excess capacity and the opportunity costs of underuti lized capacity have been important factors driving the growth of exchanges for improving demand and supply coordination through e-Business platforms. Stefan Spinler addresses in his dissertation one of the most interesting aspects of this evolution for OR/MS, the parallel development of long-term and short-term markets for capacity and output, accompanied by a range of exotic options and forwards as the basic mechanisms supporting transac tions. This is a fascinating research topic because it builds on the powerful framework of real options, while connecting directly to key operations deci sions (capacity planning, staffing, maintenance, and so forth) of the plants and technologies whose output is the focus of contracts. From the perspec tive of practice, the use of these contracting mechanisms, as facilitated by a new breed of B2B exchanges, represents an opportunity for further improving supply chain performance and capital asset productivity.

Author : Partha Dasgupta,Karl-Göran Mäler
Publisher : Unknown
Page : 366 pages
File Size : 47,8 Mb
Release : 2000
Category : Business & Economics
ISBN : 0199240701

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The Environment and Emerging Development Issues by Partha Dasgupta,Karl-Göran Mäler Pdf

Two and a half billion people are affected directly on a day-to-day basis by the allocation and use of purely local resources. Yet "official" development economics has concentrated on headline international issues and only recently begun to take account of the dependence of poor countries on their natural resources, the link between acute poverty and environmental degradation, and the problems associated with the management of local common property such as soil and soil cover, water, forests and their products, animals and fisheries. In this volume, part of the WIDER Program on the Economics of the Environment, expert contributors provide a set of authoritative studies of emerging development issues, ranging from foundational matters to case studies, original research (in areas where there has been a paucity of work) to survey papers. They address both analytic and empirical issues on the role of environmental resources in the development process, presenting explanations of existing situations and policies for the future. A wealth of interests and backgrounds is represented, and reflected in the cross-fertilization between papers.

Author : Michel De Lara,Luc Doyen
Publisher : Springer Science & Business Media
Page : 264 pages
File Size : 41,9 Mb
Release : 2008-08-07
Category : Science
ISBN : 9783540790747

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Sustainable Management of Natural Resources by Michel De Lara,Luc Doyen Pdf

Nowadays, environmental issues including air and water pollution, climate change, overexploitation of marine ecosystems, exhaustion of fossil resources, conservation of biodiversity are receiving major attention from the public, stakeholders and scholars from the local to the planetary scales. It is now clearly recognized that human activities yield major ecological and envir- mental stresses with irreversible loss of species, destruction of habitat or c- matecatastrophesasthemostdramaticexamplesoftheire?ects.Infact,these anthropogenic activities impact not only the states and dynamics of natural resources and ecosystems but also alter human health, well-being, welfare and economic wealth since these resources are support features for human life. The numerous outputs furnished by nature include direct goods such as food, drugs, energy along with indirect services such as the carbon cycle, the water cycle and pollination, to cite but a few. Hence, the various ecological changes our world is undergoing draw into question our ability to sustain economic production, wealth and the evolution of technology by taking natural systems into account. The concept of “sustainable development” covers such concerns, although no universal consensus exists about this notion. Sustainable development - phasizes the need to organize and control the dynamics and the complex - teractions between man, production activities, and natural resources in order to promote their coexistence and their common evolution. It points out the importance of studying the interfaces between society and nature, and es- ciallythecouplingbetweeneconomicsandecology.Itinducesinterdisciplinary scienti?c research for the assessment, the conservation and the management of natural resources.

Author : Chao-Chen Chen,Mei-Ling Wang,Samuel Kai Wah Chu,Emi Ishita,Kulthida Tuamsuk,Mohamed Shuhidan Shamila
Publisher : Springer Nature
Page : 155 pages
File Size : 44,6 Mb
Release : 2023-04-18
Category : Education
ISBN : 9789819905225

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Information Literacy Education of Higher Education in Asian Countries by Chao-Chen Chen,Mei-Ling Wang,Samuel Kai Wah Chu,Emi Ishita,Kulthida Tuamsuk,Mohamed Shuhidan Shamila Pdf

This book focuses on information literacy in higher education from Asian countries. It explores the changing concepts, philosophies, learning environments, and technological environments of information literacy and discusses how information literacy education in universities should be carried out in the context of the information literacy framework. It also analyses the research focus and trends of information literacy education in universities in the past ten years worldwide and Asia by using the bibliometric method as well as the information literacy education models of universities in Asian countries. In addition, this book also explains the current status of information literacy education and related issues in Taiwan, Japan, Hong Kong, Malaysia, Thailand and Vietnam. The target audience of this book is mainly university librarians, school librarians, the faculty and students of library and information sciences, information education and technology education related departments worldwide.