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You are facing a complex decision with several courses of possible action and probabilities associated with them. The current decision tree, based on the best

You are facing a complex decision with several courses of possible action and probabilities associated with them. The current decision tree, based on the best possible estimates of probabilities and outcomes is as follows:

Path 1: $50,000

Path 2: $44,000

Path 3: $40,000

Since this is a high frequency and low impact decision, your firm can easily pick path 1. 

As you are about to set that decision in motion, you learn certain information is available from a consultant such that you can reliably eliminate a key source of uncertainty such that the paths are now worth the following:

Path 1: $60,000

Path 2: $47,000

Path 3: $70,000

How much is this information worth?

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