Value of information

Value of information VOI or VoI is the amount a decision maker would be willing to pay for information prior to creating a decision.

Similar terms

VoI is sometimes distinguished into proceeds of perfect information, also called improvement of clairvoyance VoC, and value of imperfect information. They are closely related to the widely required expected value of perfect information EVPI & expected value of pattern information EVSI. Note that VoI is non necessarily symbolize to "value of decision situation with perfect information" - "value of current decision situation" as normally understood.