The Value Of Information An Axiomatic Approach

The Value of Information--an Axiomatic Approach

Proceedings of the 15th International Conference on Axiomatic Design 2023

This book of carefully selected research papers captures the essence of systems engineering. It offers readers a comprehensive exploration in the most recent applications and advancements of Axiomatic Design, a powerful method that elevates the level of product design and manufacturing. Although Axiomatic Design originated at the Massachusetts Institute of Technology (MIT) in Boston, it has been further developed by an active community of users and academics from all over the world. For the 15th time, the International Conference on Axiomatic Design convened global experts to discuss the core of the methodology. Their shared objective was to advance systems engineering, catering to the increasing complexity of modern product design. From over 85 submissions, the program committee selected 20 papers to ensure quality and relevance. Our profound gratitude extends to the contributing authors, whose research and dedication have shaped this collection, and to the program committee members for their unwavering commitment to academic integrity. Through their combined efforts, this document stands as a testament to the innovative spirit and academic excellence synonymous with systems engineering as developed by MIT.

The Economic Value of Information

The Scope of This Book Popular culture often refers to current times as the Information Age, classifying many of the technological, economic, and social changes of the past four deca:les under the rubric of the Information Revolution. But similar to the Iron Age be fore it, the description "Information Age" suggests the idea that information is a commodity in the marketplace, one that can be bought and sold as an item of value. When people seek to acquire information yet complain about information overload, and when organizations invest millions in information systems yet are unable to pinpoint the benefits, perhaps this reflects a difficulty with the as sessment of the value of this commodity relative to its cost, an inability to dis cern the useless from the useful from the wasteful. The Information Age requires us to assess the value, cost, and gain from information, and to do it from several different viewpoints. At the most elementary level is the individual who perceives a need for in formation-her current state of knowledge is insufficient and something needs to be understood, or clarified, or updated, or forecast. There is a universe of al ternative information sources from which to choose, some more informative than others, some more costly than others. The individual's problem is to evalu ate the alternatives and choose which sources to access. An organization comprising many information-seeking employees and agents must take a somewhat broader viewpoint.