Risk and Value of Information

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.