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A practical guide to value of information analysis
Summary
This article provides an introduction to the methods and a step-by-step guide to calculation for value of information analysis. This type of analysis can be used to estimate the return on investment in proposed research projects, to identify the efficient sample size of a proposed study, and to provide quantitative results for an economic evaluation. Worked examples and references are provided.
Q&As
What is value of information analysis?
Value of information analysis is a quantitative method to estimate the return on investment in proposed research projects.
How can it be used in healthcare decision making?
It can be used to identify the efficient sample size of a proposed study as an alternative to traditional power calculations, and it can be conducted alongside an economic evaluation as a quantitative adjunct to the 'future research' or 'next steps' section of a study write up.
Can it be used to rank proposed research projects?
Yes, funders of research may find it useful to rank projects in terms of the expected return on investment from a variety of competing projects.
How can it be used to identify efficient sample sizes for proposed studies?
It can be used to identify the efficient sample size of a proposed study as an alternative to traditional power calculations.
What are the accompanying online appendices for this article?
The accompanying online appendices for this article are Microsoft Excel spreadsheets.
AI Comments
👍 This article provides a comprehensive study of value of information analysis, with a step-by-step guide and worked examples for readers to easily understand.
👎 This article does not provide enough concrete examples for readers to apply the information to their own research.
AI Discussion
Me: It's about value of information analysis and how it can be used to rank research projects in terms of expected return on investment. It also discusses how it can be used to identify the efficient sample size of a proposed study, and how it can be used as a quantitative adjunct to a study write up.
Friend: Interesting. What are the implications of this article?
Me: Well, it could be used to help funders of research decide which projects to prioritize and invest in, since it can help them assess the expected return on investment. It could also be used by trialists to determine the appropriate sample size for their study, and could be used to supplement economic evaluations to help guide future research. Additionally, it could be used to help healthcare decision makers make informed decisions regarding resource allocation.
Action items
- Research and review other articles related to value of information analysis.
- Create a spreadsheet to track the cost-benefit analysis of proposed research projects.
- Develop a step-by-step guide to conducting a value of information analysis.
Technical terms
- Value of Information Analysis
- A quantitative method to estimate the return on investment in proposed research projects.
- PubMed
- A database of biomedical literature from the US National Library of Medicine.
- NLM Catalog
- The National Library of Medicine's online catalog of books, journals, and other materials.
- DOI
- Digital Object Identifier, a unique code assigned to a digital object such as an article, book, or other publication.
- Microsoft Excel
- A spreadsheet program used to store, organize, and analyze data.
- Abstract
- A brief summary of a research article, typically found at the beginning of the article.
- MeSH Terms
- Medical Subject Headings, a controlled vocabulary used to index and search biomedical literature.
- LinkOut
- A service that provides links to full-text articles and other resources from PubMed.
- MedlinePlus Health Information
- A website from the US National Library of Medicine that provides consumer health information.