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  • Kim Magden thinks this is interesting:

How much do we really need to measure it? Take into account the previously computed current state of uncertainty, the threshold, and value of information. These are all clues that point toward the right measurement approach. If the Expected Value of Perfect Information (EVPI) is $1,000, I’m probably limited to a couple of hours of effort at most. If the EVPI is millions of dollars and we have some time, a much more deliberate and extensive experiment, survey, or other study is justified.


Round 2: Expected Value of Perfect Information….this is closer to the concept of what does and does not need to be measured. When considering what needs to be measured, factor in the value of the information vs. effort to collect and analyze.