Society for Medical Decision Making

Research Prioritization One: An Introduction to Research Prioritization and Study Design Using Value of Information Analysis (Part 1 of 2)

Description and Objectives:

Value of information (VOI) is a key concept in decision analysis that can be used to determine research priorities, inform resource allocation for potential further research and design proposed research studies. This course will introduce the general concepts behind VOI, present several key VOI measures and highlight where they can be most useful in directing future research. It will also demonstrate key graphical presentations of these measures and critically evaluate VOI analyses and their underlying assumptions.

The purpose of this course is to introduce VOI measures and their use in decision modelling. The course will introduce these measures, discuss their presentation and assumptions. By the end of the course, participants will be able to:

• Interpret the Expected Value of Perfect Information (EVPI)

• Interpret the Expected Value of Perfect Partial Information (EVPPI)

• Interpret the Expected Value of Sample Information (EVSI)

• Interpret the Expected Net Benefit of Sampling (ENBS)

• Discuss key assumptions that impact a VOI analysis

• Explore the results of a VOI analysis using graphical displays

• Critically evaluate the assumptions underpinning VOI analyses

• Understand how VOI analysis can be used to determine research priorities and design clinical research.

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