TY - JOUR
T1 - Value of Information Analysis for Research Decisions—An Introduction
T2 - Report 1 of the ISPOR Value of Information Analysis Emerging Good Practices Task Force
AU - Fenwick, Elisabeth
AU - Steuten, Lotte
AU - Knies, Saskia
AU - Ghabri, Salah
AU - Basu, Anirban
AU - Murray, James F.
AU - Koffijberg, Hendrik (Erik)
AU - Strong, Mark
AU - Sanders Schmidler, Gillian D.
AU - Rothery, Claire
PY - 2020/2
Y1 - 2020/2
N2 - Healthcare resource allocation decisions made under conditions of uncertainty may turn out to be suboptimal. In a resource constrained system in which there is a fixed budget, these suboptimal decisions will result in health loss. Consequently, there may be value in reducing uncertainty, through the collection of new evidence, to make better resource allocation decisions. This value can be quantified using a value of information (VOI) analysis. This report, from the ISPOR VOI Task Force, introduces VOI analysis, defines key concepts and terminology, and outlines the role of VOI for supporting decision making, including the steps involved in undertaking and interpreting VOI analyses. The report is specifically aimed at those tasked with making decisions about the adoption of healthcare or the funding of healthcare research. The report provides a number of recommendations for good practice when planning, undertaking, or reviewing the results of VOI analyses.
AB - Healthcare resource allocation decisions made under conditions of uncertainty may turn out to be suboptimal. In a resource constrained system in which there is a fixed budget, these suboptimal decisions will result in health loss. Consequently, there may be value in reducing uncertainty, through the collection of new evidence, to make better resource allocation decisions. This value can be quantified using a value of information (VOI) analysis. This report, from the ISPOR VOI Task Force, introduces VOI analysis, defines key concepts and terminology, and outlines the role of VOI for supporting decision making, including the steps involved in undertaking and interpreting VOI analyses. The report is specifically aimed at those tasked with making decisions about the adoption of healthcare or the funding of healthcare research. The report provides a number of recommendations for good practice when planning, undertaking, or reviewing the results of VOI analyses.
KW - decision making
KW - expected net benefit of sampling
KW - expected value of information
KW - expected value of perfect information
KW - value of information
KW - value of research
U2 - 10.1016/j.jval.2020.01.001
DO - 10.1016/j.jval.2020.01.001
M3 - Article
C2 - 32113617
AN - SCOPUS:85080840663
VL - 23
SP - 139
EP - 150
JO - Value in health
JF - Value in health
SN - 1098-3015
IS - 2
ER -