Risk and Value of Information

  • Brüske, Henning (PI)
  • Faber, Michael Havbro (Project Manager)
  • Brinker, Rune (Project Coordinator)
  • Silva Nabuco, Bruna (Project Participant)

Project Details

Description

Many methods and technologies can contribute to the goal of extended, more cost efficient, and safer production in the Danish North Sea. However, before one employs a method or technology it should carefully evaluated if it will contribute enough to justify associated costs of decisions based thereon. In the context of CTR3 this will be usually quantified as the value of information provided by the considered method(s). Decision theory will be used in order to objectively quantify risks and value of information for developing decision-making support tools.
StatusFinished
Effective start/end date01/05/201830/09/2020

Collaborative partners

  • The Danish Hydrocarbon Research and Technology Centre
  • Technical University of Denmark

Keywords

  • value of information
  • risk
  • reliability
  • structural health monitoring
  • operational modal analysis
  • service-life extension
  • decision analysis
  • probabilistic modeling

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