On Metrics for Information Value Quantification

Sebastian Thöns; Mayank Chadha; Zhen Hu; Michael D. Todd

doi:10.12783/shm2023/37017

On Metrics for Information Value Quantification

Sebastian Thöns, Mayank Chadha, Zhen Hu, Michael D. Todd

Research output: Chapter in Book/Report/Conference proceeding › Paper in conference proceeding › peer-review

Abstract

In this paper, we aggregate, analyze, and exemplify several metrics for the information value. The metrics vary by absolute value, normalizations, or full probabilistic quantification. The normalization of the information value encompasses the division by (1) the expected and maximized utility of the base scenario (usually without additional information), (2) by the system performance, or (3) by the information acquirement costs. The latter can be aligned to the return over investment ratio to support and facilitate SHM system investment decision. With a case study on malevolent attacks to a generic iconic bridge, we exemplify the information value metrics and point to the application ranges and the implications of full distribution considerations.

Original language	English
Title of host publication	Structural Health Monitoring 2023
Subtitle of host publication	Designing SHM for Sustainability, Maintainability, and Reliability - Proceedings of the 14th International Workshop on Structural Health Monitoring
Editors	Saman Farhangdoust, Alfredo Guemes, Fu-Kuo Chang
Publisher	DEStech Publications
Pages	2468-2475
Number of pages	8
ISBN (Electronic)	9781605956930
DOIs	https://doi.org/10.12783/shm2023/37017
Publication status	Published - 2023
Event	14th International Workshop on Structural Health Monitoring: Designing SHM for Sustainability, Maintainability, and Reliability, IWSHM 2023 - Stanford, United States Duration: 2023 Sept 12 → 2023 Sept 14

Publication series

Name	Structural Health Monitoring 2023: Designing SHM for Sustainability, Maintainability, and Reliability - Proceedings of the 14th International Workshop on Structural Health Monitoring

Conference

Conference	14th International Workshop on Structural Health Monitoring: Designing SHM for Sustainability, Maintainability, and Reliability, IWSHM 2023
Country/Territory	United States
City	Stanford
Period	2023/09/12 → 2023/09/14

Subject classification (UKÄ)

Health Care Service and Management, Health Policy and Services and Health Economy

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

Access to Document

10.12783/shm2023/37017

Cite this

Thöns, S., Chadha, M., Hu, Z., & Todd, M. D. (2023). On Metrics for Information Value Quantification. In S. Farhangdoust, A. Guemes, & F.-K. Chang (Eds.), Structural Health Monitoring 2023: Designing SHM for Sustainability, Maintainability, and Reliability - Proceedings of the 14th International Workshop on Structural Health Monitoring (pp. 2468-2475). (Structural Health Monitoring 2023: Designing SHM for Sustainability, Maintainability, and Reliability - Proceedings of the 14th International Workshop on Structural Health Monitoring). DEStech Publications. https://doi.org/10.12783/shm2023/37017

Thöns, Sebastian ; Chadha, Mayank ; Hu, Zhen et al. / On Metrics for Information Value Quantification. Structural Health Monitoring 2023: Designing SHM for Sustainability, Maintainability, and Reliability - Proceedings of the 14th International Workshop on Structural Health Monitoring. editor / Saman Farhangdoust ; Alfredo Guemes ; Fu-Kuo Chang. DEStech Publications, 2023. pp. 2468-2475 (Structural Health Monitoring 2023: Designing SHM for Sustainability, Maintainability, and Reliability - Proceedings of the 14th International Workshop on Structural Health Monitoring).

@inproceedings{8a5d9d89759141418b0edd8a5269e5e8,

title = "On Metrics for Information Value Quantification",

abstract = "In this paper, we aggregate, analyze, and exemplify several metrics for the information value. The metrics vary by absolute value, normalizations, or full probabilistic quantification. The normalization of the information value encompasses the division by (1) the expected and maximized utility of the base scenario (usually without additional information), (2) by the system performance, or (3) by the information acquirement costs. The latter can be aligned to the return over investment ratio to support and facilitate SHM system investment decision. With a case study on malevolent attacks to a generic iconic bridge, we exemplify the information value metrics and point to the application ranges and the implications of full distribution considerations.",

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doi = "10.12783/shm2023/37017",

language = "English",

series = "Structural Health Monitoring 2023: Designing SHM for Sustainability, Maintainability, and Reliability - Proceedings of the 14th International Workshop on Structural Health Monitoring",

publisher = "DEStech Publications",

pages = "2468--2475",

editor = "Saman Farhangdoust and Alfredo Guemes and Fu-Kuo Chang",

booktitle = "Structural Health Monitoring 2023",

note = "14th International Workshop on Structural Health Monitoring: Designing SHM for Sustainability, Maintainability, and Reliability, IWSHM 2023 ; Conference date: 12-09-2023 Through 14-09-2023",

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Thöns, S, Chadha, M, Hu, Z & Todd, MD 2023, On Metrics for Information Value Quantification. in S Farhangdoust, A Guemes & F-K Chang (eds), Structural Health Monitoring 2023: Designing SHM for Sustainability, Maintainability, and Reliability - Proceedings of the 14th International Workshop on Structural Health Monitoring. Structural Health Monitoring 2023: Designing SHM for Sustainability, Maintainability, and Reliability - Proceedings of the 14th International Workshop on Structural Health Monitoring, DEStech Publications, pp. 2468-2475, 14th International Workshop on Structural Health Monitoring: Designing SHM for Sustainability, Maintainability, and Reliability, IWSHM 2023, Stanford, United States, 2023/09/12. https://doi.org/10.12783/shm2023/37017

On Metrics for Information Value Quantification. / Thöns, Sebastian; Chadha, Mayank; Hu, Zhen et al.
Structural Health Monitoring 2023: Designing SHM for Sustainability, Maintainability, and Reliability - Proceedings of the 14th International Workshop on Structural Health Monitoring. ed. / Saman Farhangdoust; Alfredo Guemes; Fu-Kuo Chang. DEStech Publications, 2023. p. 2468-2475 (Structural Health Monitoring 2023: Designing SHM for Sustainability, Maintainability, and Reliability - Proceedings of the 14th International Workshop on Structural Health Monitoring).

Research output: Chapter in Book/Report/Conference proceeding › Paper in conference proceeding › peer-review

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AB - In this paper, we aggregate, analyze, and exemplify several metrics for the information value. The metrics vary by absolute value, normalizations, or full probabilistic quantification. The normalization of the information value encompasses the division by (1) the expected and maximized utility of the base scenario (usually without additional information), (2) by the system performance, or (3) by the information acquirement costs. The latter can be aligned to the return over investment ratio to support and facilitate SHM system investment decision. With a case study on malevolent attacks to a generic iconic bridge, we exemplify the information value metrics and point to the application ranges and the implications of full distribution considerations.

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M3 - Paper in conference proceeding

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ER -

Thöns S, Chadha M, Hu Z, Todd MD. On Metrics for Information Value Quantification. In Farhangdoust S, Guemes A, Chang FK, editors, Structural Health Monitoring 2023: Designing SHM for Sustainability, Maintainability, and Reliability - Proceedings of the 14th International Workshop on Structural Health Monitoring. DEStech Publications. 2023. p. 2468-2475. (Structural Health Monitoring 2023: Designing SHM for Sustainability, Maintainability, and Reliability - Proceedings of the 14th International Workshop on Structural Health Monitoring). doi: 10.12783/shm2023/37017

On Metrics for Information Value Quantification

Abstract

Publication series

Conference

Subject classification (UKÄ)

UN SDGs

Access to Document

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Cite this