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Value of Information (VOID) Analysis for Research Decisions Task ForceISPOR 22nd Annual Meeting Boston 2017 Workshop 9: Report from the Task Force Recommendations to DateMODERATORElisabeth Fen wick,
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How to fill out value of information voi
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To fill out the value of information (VOI), follow these steps:
02
Identify the decision that you need to make.
03
Determine the possible outcomes or alternatives.
04
Assess the probability of each outcome occurring.
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Determine the value or impact of each outcome.
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Calculate the expected value for each alternative.
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Consider any additional factors or risks.
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Compare the expected values and choose the alternative with the highest value.
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Fill out the value of information by estimating the cost and potential benefits of gathering additional information.
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Assess the likelihood and impact of reducing uncertainty with the additional information.
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Calculate the expected value with the additional information and compare it to the previous expected value.
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Determine if the value of information is worth the cost of gathering it.
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Make a decision based on the overall expected value and the value of information.
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Note: The exact steps may vary depending on the specific context and decision-making framework being used.
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In summary, anyone facing a decision where uncertainty is present can benefit from considering the value of information.
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