The value of control is a quantitiative measure of the value of controlling the outcome of an uncertainty variable. Decision analysis

Decision analysis

Decision analysis is the discipline comprising the philosophy, theory, methodology, and professional practice necessary to address important decisions in a formal manner...

 provides a means for calculating the value of both perfect and imperfect control. The former value, informally known as the value of wizardry, is an upper bound for the latter. Obtaining meaningful value-of-control measurements requires an awareness of important restrictions (concerning the nature of free will

Free will

"To make my own decisions whether I am successful or not due to uncontrollable forces" -Troy MorrisonA pragmatic definition of free willFree will is the ability of agents to make choices free from certain kinds of constraints. The existence of free will and its exact nature and definition have long...

 and the meaning of counterfactual

Counterfactual

Counterfactual may refer to:* Counterfactual conditional, a grammatical form * Counterfactual subjunctive, grammatical forms which in English are known as the past and pluperfect forms of the subjunctive mood* Counterfactual thinking* Counterfactual history* Alternate history, a literary genre*...

 statements) on the validity of this kind of analysis.

See also

• Value of information
  Value of information
  Value of information is the amount a decision maker would be willing to pay for information prior to making a decision.-Similar terms:...
  
  
• Wizard