EXPECTED VALUE OF PERFECT INFORMATION Definition

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EXPECTED VALUE OF PERFECT INFORMATION (EVPI) is the difference between the expected value with (additional) perfect information and the expected value with current information. The expected value of perfect information is the maximum amount a decision maker should pay for additional information that gives a perfect signal as to the state of nature.

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AI is Artificial Intelligence.

RECEIVING is to get something or come into possession of something. In a company it can be a location where goods are received.

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