Expected Value of Information

{
  "id": "MLC-T-ENV-010397",
  "term": "Expected Value of Information",
  "field": "Environment",
  "definition": "The expected increase in the value (or decrease in the loss) associated with obtaining more information about quantities relevant to the decision process. EVOI is a measure of the importance of uncertainty in risk and the potential for changing a risk management decision if uncertainty is reduced.",
  "abbreviation": "EVOI",
  "references": [
    "EPA Definitions of Terms Relevant to PRA and References for Further Reading at http://www.epa.gov/oswer/riskassessment/rags3adt/pdf/appendixe.pdf"
  ],
  "url": "https://mlchart.com/terminology/environment/expected-value-of-information/"
}