A Practical Guide to Value of Information Analysis
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Wilson, E. (2014). A Practical Guide to Value of Information Analysis. PharmacoEconomics, 33 105-121. https://doi.org/10.1007/s40273-014-0219-x
Value of information analysis is a quantitative method to estimate the return on investment in proposed research projects. It can be used in a number of ways. Funders of research may find it useful to rank projects in terms of the expected return on investment from a variety of competing projects. Alternatively trialists can use the principles to identify the efficient sample size of a proposed study as an alternative to traditional power calculations, and finally, a value of information analysis can be conducted alongside an economic evaluation as a quantitative adjunct to the ‘future research’ or ‘next steps’ section of a study write up. The purpose of this paper is to present a brief introduction to the methods, a step by step guide to calculation and a discussion of issues that arise in their application to health care decision making. Worked examples are provided in the accompanying online appendices as Microsoft Excel spreadsheets.
External DOI: https://doi.org/10.1007/s40273-014-0219-x
This record's URL: https://www.repository.cam.ac.uk/handle/1810/246338