Value of Information Analysis for Research Decisions—An Introduction

Published Mar 2020

Citation

Fenwick E, Steuten L, Knies S, et al.  Value of information analysis for research decisions—an introduction: report 1 of the ISPOR Value of Information Analysis Emerging Good Practices Task Force. Value Health. 2020;23(2):139 – 150.

Abstract

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.

Keywords: decision making, expected net benefit of sampling, expected value of information, expected value of perfect information, value of information, value of research

Copyright © 2020, ISPOR–The Professional Society for Health Economics and Outcomes Research. Published by Elsevier Inc.

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