Value of information analysis in healthcare: a review of principles and applications

Figures & data

Table 1. Illustrative example of the expected value of perfect information.

Sampling scenario	Intervention A net benefit	Intervention B net benefit	Optimal choice	Opportunity loss	Maximum net benefit
1	$1000	$1400	B	$0	$1400
2	$1200	$1100	A	$100	$1200
3	$900	$1300	B	$0	$1300
4	$800	$1200	B	$0	$1200
5	$1100	$1000	A	$100	$1100
Average	$1000	$1200		$40	$1240

Figure 1. Optimal sample size determination using value of information methods. EVSI, expected value of sample information; ENBS, expected net benefit of sampling.

Table 2. Prioritizing alternative research proposals using the value of information approach.

Study	EVSI	Total cost	ENBS	ROI
Study 1	$5,000,000	$1,500,000	$3,500,000	233%
Study 2	$4,500,000	$1,250,000	$3,250,000	260%
Study 3	$3,000,000	$1,250,000	$1,750,000	140%
Study 4	$3,000,000	$1,500,000	$1,500,000	100%
Study 5	$2,000,000	$1,250,000	$750,000	60%

EVSI, expected value of sample information; ENBS, expected net benefit of sampling; ROI, return on investment which is the ENBS divided by the total cost.