2024 3rd Technical Seminar - Sept 19th, 2024

KOEA would like to invite you to the 3rd 2024 KOEA technical seminar presented by Dr. Sang-Won Kim with the title of "How do you quantify value of information for the purpose of decision making?".

The seminar will be held at Korea Community Center on Thursday, Sep 19th, 2024. A light dinner will be served on site. Please RSVP if you want to participate in the session.

Where:  Korean Community Center (1809 Hollister St, Houston, TX 77080)

When: 9/19/2024 Thursday 6:30pm

Seminar Title:  How do you quantify value of information for the purpose of decision making?

Presenter: Dr. Sang-Won Kim (Strategic Decision Group)

RSVP: https://forms.gle/3v5mC24Hus96J5GF8

Please feel free to forward this invitation to your colleagues with the RSVP invitation link. 

Abstract

Obtaining information often costs us money. Examples include individuals paying for subscription services to get in-depth content or E&P companies investing in acquiring seismic data for exploration prospects. How do we determine if information obtained is worth the cost?

In this talk, we will discuss what makes information valuable in the context of decision making. We will learn about how decision maker should quantity the maximum willingness to pay for obtaining information. We will introduce the Bayesian theorem, which explains how a decision maker should update its state of belief when new information is presented. We will review examples of applying value of information concept in areas such as seismic data acquisition decisions in oil & gas exploration and playing games.

Speaker

Dr. Sang-Won Kim is Partner and Energy Practice Leader with Strategic Decisions Group. He advises clients in energy and natural resources industry with major capital investment decisions. He has a Ph.D. in decision science from Stanford University.

Thanks and regards,

Kunho Kim - President of KOEA 2024