Information Value Analysis Process (IVAP)

The Information Value Analysis Process (IVAP) is a formal process address uncertainty in decision analysis prior to undertaking the actual analysis and then making the decision. The premise for the IVAP is that the acquisition of data must be cost-effective in terms of the value of the decision to be made, even when the data is from heterogeneous sources with different levels of integrity and uncertainty. IVAP is a generic process, since there are many ways to implement it. Tools have been developed to facilitate the process, but they don't dictate the choice of method. As envisioned here, IVAP addresses uncertainty in estimates of: benefits, performance, costs, risks, and other related parameters. The process is outlined, and an example, using a dam safety (risk) model, is demonstrated.