Rapid Value of Information Using Minimal Modelling

Practical implementation of value of information (VOI) faces various barriers. Even with efficient methods to reduce computation time, analyst time and resources are required to construct comprehensive decision models. These challenges are particularly evident in the realm of research prioritisation, where decision makers often operate within rigid timelines and do not have capacity to develop comprehensive models. To address these limitations, we outline a “Rapid VOI” approach which aims to provide an estimation of the value of research without the need for constructing comprehensive decision models. Rapid VOI focuses on the value of reducing uncertainty in the primary outcome of interest and uses a minimum clinical difference (MCD) for effect size in the primary outcome in order to account for other unquantified aspects of outcome. By simplifying traditional modelling approaches, rapid methods can provide timely and sufficient information on the value of research.