Cost-Effectiveness Analysis
Cost-Effectiveness Analysis (CEA) compares the relative costs of achieving a specific outcome across two or more interventions. It helps identify the most efficient way to reach a desired goal.
Use when needing to compare different approaches to achieving the same objective, especially when monetary valuation of all benefits is difficult.
Solves: Difficulty in choosing between multiple interventions with similar goals; needing a clear comparison of their efficiency.
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Step 1: Define the objective and identify alternative interventions (120 min)
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Step 2: Measure the costs and outcomes of each intervention (240 min)
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Step 3: Calculate the cost-effectiveness ratio for each intervention (60 min)
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Step 4: Compare the cost-effectiveness ratios and identify the most efficient option (30 min)
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Step 5: Conduct sensitivity analysis to assess the impact of uncertainty (30 min)
- Ensure the outcomes are measured consistently across interventions.
- Use appropriate measures of effectiveness.
- Conduct sensitivity analysis to assess the robustness of the results.
- Cost-Utility Analysis (CUA)
- Incremental Cost-Effectiveness Ratio (ICER)