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Journal of the Japan Petroleum Institute
The value of information (VOI) analysis has been recognized as a useful tool for measuring how much the expected monetary value can be increased as a result of an information-gathering activity. The VOI analysis is usually applied in the context of decision making under geological uncertainty, where only a relatively small number of decision alternatives are taken into account. In this paper we discuss possible applications of the VOI analysis in optimization of reservoir development underdoi:10.1627/jpi.60.41 fatcat:pvx2mtfa5rasteosldvv4haace