Active Market based industrial data management
Torben's Phd project is addressing problems of data overload and the Value of Information. Currently most information systems specifically allocate data to a specific user. However, the amount of data and the number of tasks each user has to do are constantly increasing at a very large rate. Therefore, companies are having a massive data overload problem and ensuring the right data is getting to the right users can be difficult for them. Torben tries to address this problem by using market-based techniques, which use the principle of markets in economics. The user has a certain utility (or value) for specific datasets or dataset combinations. At the same time datasets have costs. Markets like supermarkets combine these two in an efficient manner. Consumers in a supermarket have a specific value for certain products and the supermarket has costs associated in offering these. The market approach is working quite efficiently in various applications and has been shown to work well for similar resource allocation problems. By applying this approach towards data management, Torben is hoping to improve the user decision-making by providing him with the right information and to identify a value for companies large amounts of datasets.
Improve the allocation of data to users and improved data selection for companies.
We are using a market-based approach for data management.
It suggest additional datasets to a user and takes the users feedback to evaluate which datasets are beneficial for a company.
The market-based data management approach.
The benefit is better allocation of data to users and an improved data management by knowing proxies for the value of data.
The Boeing Company