The quantification of the value of structural health information is based on decision analysis adapted to built environment engineering.
The value of structural health information can be significant for the risk and integrity management of built environment systems.
[2] Decision theory itself is based upon the expected utility hypothesis by Von Neumann and Morgenstern.
[3] The concepts for the value of structural health information in built environment engineering were first formulated by Pozzi and Der Kiureghian[4] and Faber and Thöns.
[6][7] The value of structural health information provides a quantitative decision basis for (1) implementing SHM or not, (2) the identification of the optimal SHM strategy and (3) for planning optimal structural health actions, such as e.g., repair and replacement.