Value of Information Assessment Methods Evolution as a Response to Technological and Organizational Challenges
V. Demo, R. Kim, A. Sizykh, E. Bogdanovich and G. Grigorev
Event name: ProGREss'19
Session: Pitch Session «Solutions in O&G Exploration» / Питч сессия «Поиск решений в ГРР»
Publication date: 05 August 2019
Info: Extended abstract, PDF ( 391.08Kb )
Price: € 20
The definition of value of information has been used since 60th. By this time there has been developed some new methods, that influenced on the way of uncertainty reduction. The main idea has not changed. Value of information is a difference between expected monetary value with and without information. Challenges in exploration, that took place last decades, make an important part in methods development. For example, it is new approaches in uncertainties evaluation by application of technologies improvement.