Value of information (VOI) is a metric that can be used to determine if a particular data type should be purchased. The VOI analysis is based on how the information or data (used interchangeably here) could influence a decision taken, and consequently, improve the outcome. VOI has been used extensively for engineering applications related to product design and safety. VOI has also been used for geoscience applications related to groundwater remediation and oil exploration. The distinction of recent VOI work as applied to geoscience applications has been to include the spatial aspect of both pieces of the VOI framework: the decision and the data. Spatial uncertainty has not been previously included in many VOI calculations. This paper provides an example that demonstrates how VOI could be applied to deep-water geohazard investigations. Future work could be to extend the recent advances of spatial VOI to the deepwater application.

Keywords:
machine learning, reliability, probability, artificial intelligence, information demonstration, upstream oil & gas, decision alternative, value outcome, resolution, offshore technology conference
Subjects:
Reservoir Characterization, Information Management and Systems, Seismic processing and interpretation
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2015. Offshore Technology Conference
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