VALUE OF INFORMATION Maximum price one should pay for knowing the actual value of an uncertainty before deciding

on a course of action. Value of information (VOI or VoI) is the amount a decision maker would be willing to pay for information prior to making a decision. VoI is sometimes distinguished into value of perfect information, also called value of clairvoyance (VoC), and value of imperfect information. They are closely related to the widely known expected value of perfect information and expected value of sample information. Note that VoI is not necessarily equal to "value of decision situation with perfect information" - "value of current decision situation" as commonly understood. There are two extremely important characteristics of VoI that always hold for any decision situation; Value of information can never be less than zero since the decision-maker can always ignore the additional information and makes decision as if such information is not available.

No other information gathering/sharing activities can be more valuable than that quantified by value of clairvoyance.

VoC is derived strictly following its definition as the monetary amount that is big enough to just offset additional benefit of getting more information. In other words; VoC is calculated iteratively until; "value of decision situation with perfect information while paying VoC" = "value of current decision situation". A special case is when the decision-maker is risk neutral where VoC can be simply computed as; VoC = "value of decision situation with perfect information" - "value of current decision situation" This special case is how expected value of perfect information and expected value of sample information are calculated where risk neutrality is implicitly assumed. For cases where decision-maker is risk averse or risk seeking, this simple calculation does not necessary yield correct result, and iterative calculation is the only way to ensure correctness.

Decision tree and influence diagram are most commonly used in representing and solving decision situation as well as associated VoC calculation. Influence diagram, in particular, is structured to accommodate team decision situation where incomplete sharing of information among team members can be represented and solved very efficiently. While decision tree is not designed to accommodate team decision situation, it can do so by augmenting it with information set widely used in game tree.

IMPORTANCE OF RESEARCH We must first understand what research is. It is another word for gathering of information. The more information we have the closer we get of making our own decision. Research is the result of advancing knowledge created in the past. There are people from all walks of life that contribute to gathered information. These are ordinary people and extraordinary people. They include, teachers, students, scientists, professors, scholars, business owners, librarians, book keepers, writers, politicians and many more unknown out there. These are everyday citizens we interact with. They all help with the flow information that people use for self help. Research is designed to solve a particular existing problems so there is a much larger audience eager to support research that is likely to be profitable or solve problems of immediate concern. We also must understand how research impact our decision making. Most people make decisions without gathered informations to back them up. Only few do. The problem is most people aren't patient enough to put in the effort. Research requires time, effort, and sometimes money to have the evidence you need to make a sound decision that's why many avoid it. The research you do and evidence you gathered will have impact on your future. Be adviced, considered the risks or consequences of making an important decision with inadequate evidence. In conclusion research is very vital to our everyday decision making. It arms you from wrong informations and save time and money. It is important to your success as you take on life's challenges and career decisions making. But be careful though, becasue too much research without action on what you' re learning is not good either. The question is how much information is enough? How much information can you afford? Information obesity can be research problem just my advice. Research plus action will most likely guarantee a successful research. Now go out there and make good decisions. What Does Stratified Random Sampling Mean? A method of sampling, which involves the division of a population into smaller groups, known as strata. In stratified random sampling, the strata are formed based on their members sharing a specific attribute or characteristic. A random sample from each stratum

is taken, in a number proportional to the stratum's size when compared to the population. These subsets of the strata are then pooled to form a random sample. Stratified sampling Where the population embraces a number of distinct categories, the frame can be organized by these categories into separate "strata." Each stratum is then sampled as an independent sub-population, out of which individual elements can be randomly selected[3]. There are several potential benefits to stratified sampling. First, dividing the population into distinct, independent strata can enable researchers to draw inferences about specific subgroups that may be lost in a more generalized random sample. Second, utilizing a stratified sampling method can lead to more efficient statistical estimates (provided that strata are selected based upon relevance to the criterion in question, instead of availability of the samples). Even if a stratified sampling approach does not lead to increased statistical efficiency, such a tactic will not result in less efficiency than would simple random sampling, provided that each stratum is proportional to the groups size in the population. Third, it is sometimes the case that data are more readily available for individual, preexisting strata within a population than for the overall population; in such cases, using a stratified sampling approach may be more convenient than aggregating data across groups (though this may potentially be at odds with the previously noted importance of utilizing criterion-relevant strata). Finally, since each stratum is treated as an independent population, different sampling approaches can be applied to different strata, potentially enabling researchers to use the approach best suited (or most cost-effective) for each identified subgroup within the population. There are, however, some potential drawbacks to using stratified sampling. First, identifying strata and implementing such an approach can increase the cost and complexity of sample selection, as well as leading to increased complexity of population estimates. Second, when examining multiple criteria, stratifying variables may be related to some, but not to others, further complicating the design, and potentially reducing the utility of the strata. Finally, in some cases (such as designs with a large number of strata, or those with a specified minimum sample size per group), stratified sampling can potentially require a

larger sample than would other methods (although in most cases, the required sample size would be no larger than would be required for simple random sampling. A stratified sampling approach is most effective when three conditions are met 1. 2. Variability within strata are minimized Variability between strata are maximized

3. The variables upon which the population is stratified are strongly correlated with the desired dependent variable. SCOPE / SIGNIFICANCE OF RESEARCH Throws light on risks and uncertainty Identify alternative courses of action Helps in economic use of resources Helps in project identification Solves investment problems Solves pricing problems Solves allocation problems Solves decision making issues in HR Solves various operational and planning problems of business and industry Provides the basis for all government policies in our economic system. Helps social scientists in studying social relationships and in seeking answers to various social problems. For students, research means a careerism or a way to attain a high position in the social structure. For professionals in research, it may mean a source of livelihood. For philosophers and thinkers, research means the outlet for new ideas and insights. For literary men and women, research means development of new styles and creative work.

For analysts and intellectuals, research means generalizations of new theories. VARIABLES Anything that can vary can be considered as a variable. A variable is anything that can take on differing or varying values. For example; Age, Production units, Absenteeism, Sex, Motivation, Income, Height, Weight etc. Note: The values can differ at various times for the same object or person (or) at the same time for different objects or persons. Variable / Attribute A variable is a characteristic that takes on two or more values whereas, an attribute is a specific value on a variable (qualitative). For example; The variable SEX/GENDER has 2 attributes - Male and Female. The variable AGREEMENT has 5 attributes Strongly Agree, Agree, Neutral, Disagree, Strongly Disagree. Types of Variables Explanatory vs Extraneous Variable The variables selected for analysis are called explanatory variables and all other variables that are not related to the purpose of the study but may affect the dependant variable are extraneous. Dependant vs Independent Variable The variable that changes in relationship to changes in another variable(s) is called dependant variable. The variable whose change results in the change in another variable is called an independent variable. OR An independent variable is the one that influences the dependant variable in either a positive or negative way. Variables A variable is a measurable characteristic that varies. There are three common variable types: Dependent variables: show the effect of manipulating or introducing the independent

variables. The variation in the dependent variable depends on the variation in the independent variable. Independent variables: are those that the researcher has control over. This "control" may involve manipulating existing variables (e.g., modifying existing methods of instruction) or introducing new variables (e.g., adopting a totally new method for some sections of a class) in the research setting. Control variables: research studies are very complex processes. It is not possible to consider every variable in a single study. Therefore, the variables that are not measured in a particular study must be held constant, neutralized/balanced, or eliminated, so they will not have a biasing effect on the other variables. Variables that have been controlled in this way are called control variables. Motivation research tyechnique Definition: Research used to investigate the psychological reasons why individuals buy specific types of merchandise, or why they respond to specific advertising appeals, to determine the base of brand choices and product preferences. QUESTIONNAIRE A questionnaire is a research instrument consisting of a series of questions and other prompts for the purpose of gathering information from respondents. Although they are often designed for statistical analysis of the responses, this is not always the case. The questionnaire was invented by Sir Francis Galton. Questionnaires have advantages over some other types of surveys in that they are cheap, do not require as much effort from the questioner as verbal or telephone surveys, and often have standardized answers that make it simple to compile data. However, such standardized answers may frustrate users. Questionnaires are also sharply limited by the fact that respondents must be able to read the questions and respond to them. Thus, for some demographic groups conducting a survey by questionnaire may not be practical.