Information Analytics and Decision-Making in Engineering
Recent advances in computational and information technology allow the collection and evaluation of vast volumes of data. This explosion in information has amplified the need to understand the value of information and how to use available information to make better decisions that in turn affect the environment.
For example, consider the following questions:
* How should a firm optimally experiment among different website designs before deciding on a single one, with the goal to maximize user traffic or revenue?
* How should a company choose its bid for mining rights if it has access to exclusive probing data, in order to maximize its profit?
* How should a buyer interpret online feedback and ratings before deciding on which product to buy?
* How should a doctor decide which medical tests to perform on a patient to deliver the most effective care?
The course will cover information valuation, decision-making, and information economics in non-strategic and strategic settings.
May be convened with SIE 474.