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The value of knowing how little you know

When to leave for the plane (April 22, 2021)

What time should you leave to catch a plane flight? We all know intuitively to leave extra time for traffic and other uncertainties. But, how much time? And what’s the value of considering uncertainty? Max Henrion gave a talk on April 22, 2021 where he introduced the Expected Value of Including Uncertainty (EVIU), compare with the Expected Value of Perfect Information (EVPI), and the insights it gives into a variety of decision problems — including catching a plane. He’ll share the Analytica model.

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