Assessing the Value of Information for Multiple, Correlated Design Alternatives

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Event
WCX™ 17: SAE World Congress Experience
Authors Abstract
Content
Design optimization occurs through a series of decisions that are a standard part of the product development process. Decisions are made anywhere from concept selection to the design of the assembly and manufacturing processes. The effectiveness of these decisions is based on the information available to the decision maker. Decision analysis provides a structured approach for quantifying the value of information that may be provided to the decision maker. This paper presents a process for determining the value of information that can be gained by evaluating linearly correlated design alternatives. A unique approach to the application of Bayesian Inference is used to provide simulated estimates in the expected utility with increasing observations sizes. The results provide insight into the optimum observation size that maximizes the expected utility when assessing correlated decision alternatives.
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DOI
https://doi.org/10.4271/2017-01-0208
Pages
14
Citation
Capser, S., and Nikolaidis, E., "Assessing the Value of Information for Multiple, Correlated Design Alternatives," Commercial Vehicles 10(1):81-94, 2017, https://doi.org/10.4271/2017-01-0208.
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Publisher
Published
Mar 28, 2017
Product Code
2017-01-0208
Content Type
Journal Article
Language
English