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Contemporary Conditions of Supply Chains
Published in Andrzej Szymonik, Robert Stanisławski, Supply Chain Security, 2023
Andrzej Szymonik, Robert Stanisławski
The main source of the value of information is its usefulness in making decisions. Information has value because, in each decision situation, it allows the effects of the decisions made with a higher probability to be assessed and thus enables them to be made more optimally (Brichler & Bütler, 2007). Estimating the value of information comes down to four steps:determining the best decision in both cases (of the presence and absence of information) – it is a first step;calculating the expected usefulness of the best decision in the presence of information – it is a second step;calculating the expected usefulness of the best decision in the absence of information – it is a third step;calculating the difference between the results of the second and third steps.
Project Justification
Published in Adedeji B. Badiru, Project Management Essentials, 2021
It is important to assess the value of project information relative to its cost before deciding to acquire it. Investments for information acquisition should be evaluated just like any other capital investment. The value of information is determined by how the information is used. In project management, information has two major uses. The first use relates to the need for information to run the daily operations of a project. Resource allocation, material procurement, re-planning, rescheduling, hiring, and training are just a few of the daily functions for which information is needed. The second major use of information in project management relates to the need for information to make long-range project decisions. The value of information for such long-range decision-making is even more difficult to estimate since the future cost of not having the information today is unknown.
Systems-Wide Project Planning
Published in Adedeji B. Badiru, Project Management, 2019
Information flow is crucial in project planning. Information is the driving force for project decisions. The value of information is measured in terms of the quality of decisions that can be generated from the information. What appears to be valuable information to one user may be useless to another. Similarly, the timing of information can significantly affect its decision-making value. The same information that is useful in one instance may be useless in another. Some of the crucial factors affecting the value of information include accuracy, timeliness, relevance, reliability, validity, completeness, clearness, and comprehensibility. Proper information flow in project management ensures that tasks are accomplished when, where, and how they are needed. Figure 2.5 illustrates the flow of information for decision making in project management.
Value implication of digital transformation: the impact of the commodification of information
Published in Construction Management and Economics, 2022
Mustafa Selçuk Çıdık, David Boyd
Generally, the value of information is determined by what can be done with it, or in other words, what it enables. What can be done with information depends on the technological infrastructure within which it is conceived. In this regard, commodification of information due to digitalization involves digital devices (e.g. hardware), services (e.g. software, platforms), infrastructure (e.g. fast internet connection and cloud storage), and content (e.g. datasets, BIM objects). Therefore, revealing the technical and economic processes behind the operation of these integrated digital technologies in construction, makes it possible to understand the change in how information is valued. The conceptual background of this argument will be presented first, followed by a more detailed explanation of its operation in construction through construction literature and examples from practice.
Shear Performance Mechanism Description Using Digital Image Correlation
Published in Structural Engineering International, 2018
Alfred Strauss, Pablo Castillo, Konrad Bergmeister, Bernhard Krug, Roman Wan-Wendner, Marco Marcon, Jose Matos, Joan Ramon Casas
This research has been significantly affected by the objectives of Cost Actions TU1406 and TU1402. The main objective of Cost Action TU1402 is to facilitate sustainable societal developments through improvements in resource efficiency, productivity, robustness, reliability and safety in the design and asset management of structures and infrastructure systems by optimized structural health monitoring (SHM) systems. The value of information analysis quantifies this benefit relative to the costs of collecting the information. Hence, the identification of optimal SHM strategies is facilitated for both new and existing structures under a range of operating conditions and constraints—and, in turn, the objective of TU1402 is to quantify and assess the value of information collected by SHM in a life-cycle perspective prior to its implementation. Most often the beneficial value of SHM is only implicitly assumed, without considering how the information will be utilized for improving decision-making related to the optimal life-cycle management of structures. Information is only valuable if it deals with measurable and quantifiable parameters that can inform decision-making on asset management. Normally, the parameters and variables used in infrastructure management are defined as performance indicators.
Big data creating new knowledge as support in decision-making: practical examples of big data use and consequences of using big data as decision support
Published in Journal of Decision Systems, 2018
Feldman and March (1981) state that organisations are consumers, managers and suppliers of information and the management and use of information is essential for organisational operating procedures. Furthermore, ‘reputations for organisational intelligence are built on capabilities for securing, analysing, and retrieving information in a timely and intelligent manner’ (Feldman & March, 1981, p. 171). The use of (an extensive amount of) information as a base for decision-making in organisations is of special interest in the big data context. According to Feldman and March (1981), information management and investment in information are driven by the desire to improve decisions. The value of information depends on how it can affect decision-making. Information technologies are central in order to benefit from information, especially in the context of big data, as it is described with characteristics such as volume, variety and velocity, i.e. something too complex to manage with traditional information management tools. According to Huber (1990), advanced information technologies should lead to the more rapid and accurate identification of problems and opportunities, and to higher quality decisions.