Assessing the Value of Information for Multiple, Correlated Design Alternatives 2017-01-0208
Design optimization occurs through a series of decisions that are a standard part of the product development process. Decisions are made anywhere from concept selection to the design of the assembly and manufacturing processes. The effectiveness of these decisions is based on the information available to the decision maker. Decision analysis provides a structured approach for quantifying the value of information that may be provided to the decision maker. This paper presents a process for determining the value of information that can be gained by evaluating linearly correlated design alternatives. A unique approach to the application of Bayesian Inference is used to provide simulated estimates in the expected utility with increasing observations sizes. The results provide insight into the optimum observation size that maximizes the expected utility when assessing correlated decision alternatives.
Citation: Capser, S. and Nikolaidis, E., "Assessing the Value of Information for Multiple, Correlated Design Alternatives," SAE Int. J. Commer. Veh. 10(1):81-94, 2017, https://doi.org/10.4271/2017-01-0208. Download Citation
Author(s):
Shawn P. Capser, Efstratios Nikolaidis
Affiliated:
University of Toledo
Pages: 14
Event:
WCX™ 17: SAE World Congress Experience
ISSN:
1946-391X
e-ISSN:
1946-3928
Also in:
SAE International Journal of Commercial Vehicles-V126-2, SAE International Journal of Commercial Vehicles-V126-2EJ
Related Topics:
Product development
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