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It is important for engineering firms to be able to develop forecasts of recommended courses of action based on available information. In particular, engineering firms must be able to assess the benefit of performing information-gathering actions. For example, an automobile manufacturer may use a computer simulation of a hydraulic motor and pump in the design of a new vehicle. The model may contain random variables that can be more accurately determined through expensive information-gathering actions, e.g., physical experiments, surveys, etc. To decide whether to perform these information-gathering actions, the automobile manufacturer must be able to quantify the expected value to the firm of conducting them. However, the cost of computing the expected value of information (through optimization, Monte Carlo sampling, etc.) grows exponentially with the amount of information that is to be gathered and can often exceed the cost of actually gathering the information.

A major decision to make in design projects is the selection of the best technology to provide some needed system functionality. In making this decision, the designer must consider the range of technologies available and the performance of each. During the useful life of the product, the technologies composing the product evolve as research and development efforts continue. The performance evolution rate of one technology may be such that even though it is not initially a preferably technology, it becomes a superior technology after a few years. Quantifying the evolution of these technologies complicates the technology selection decision. The selection of energy storage technology in the design of an electric car is one example of a difficult decision involving evolving technologies.