What does "Value Of Information Analysis" mean?
Table of Contents
Value Of Information Analysis (VoI) is a method used to help make better decisions by looking at how much value new information can bring. It helps in figuring out if gathering more data is worth the cost involved.
How It Works
VoI works by comparing the benefits of having more information against the costs of collecting that information. If the benefits outweigh the costs, then it makes sense to gather that information. This approach is helpful in various fields, including building energy systems.
Applications
In building energy systems, VoI can be used for different decision-making problems. For example, it can help plan when to maintain heating systems, decide on air quality measures, or design heating systems more effectively.
Smart devices like meters and monitoring systems provide data that can lead to better decisions and more efficient use of resources. By using VoI, organizations can spend wisely on data collection, making sure they get good returns on their investments.