Economic evaluation 

A type of analysis that assesses the economic impact of healthcare interventions and technologies. The main goal of health economic evaluation is to inform decision-making by providing information on the costs and benefits of different healthcare interventions or programs, and how they compare to each other. Health economic evaluations can help decision-makers determine which healthcare interventions offer the best value for money, and can help prioritize healthcare spending. Health economic evaluation is important because it helps ensure that healthcare resources are used efficiently and effectively. By understanding the economic impact of different healthcare interventions, decision-makers can make informed choices about how to allocate resources to maximize health benefits for the population.  

Decision support modelling

A process of building mathematical or computational models to help decision-makers analyse complex problems and make informed decisions. These models can be used to simulate different scenarios, explore the consequences of different decisions, and identify the optimal course of action. Overall, decision support modelling is an important tool for decision-makers because it helps them make informed choices in complex and uncertain environments. By using models to simulate different scenarios and evaluate the potential consequences of different decisions, decision-makers can identify the best course of action and minimize the risks of unintended consequences.

Cost and budget impact analysis

Two types of economic evaluations that are commonly used in healthcare to assess the financial impact of healthcare interventions and technologies. Cost analysis involves estimating the costs of a healthcare intervention, including direct costs (such as the cost of drugs, medical equipment, and healthcare personnel) and indirect costs (such as the cost of lost productivity due to illness). Cost analysis can be used to determine the total cost of a healthcare intervention, as well as to compare the costs of different interventions. Budget impact analysis, on the other hand, focuses on the financial impact of a healthcare intervention on a specific budget or payer. It involves estimating the total cost of the intervention and projecting the impact on the budget or payer over a certain period of time. Both cost analysis and budget impact analysis are important tools for decision-makers in healthcare. They provide information on the financial implications of different healthcare interventions and technologies, which can be used to inform decision-making and resource allocation.

Estimation of value-for-money

A type of economic evaluation that compares the costs and benefits of healthcare interventions or technologies to determine whether they offer good value for money. This type of analysis is commonly used in healthcare to help decision-makers identify the most cost-effective interventions and allocate resources accordingly. Estimation of value-for-money is an important tool for decision-makers in healthcare because it helps them identify interventions that offer the best value for money. By comparing the costs and benefits of different interventions, decision-makers can allocate resources to those interventions that offer the most benefit at the lowest cost.


The process of determining which healthcare interventions or services should receive priority in terms of resource allocation. Prioritization is necessary because healthcare resources are often limited, and it is not possible to provide all interventions or services to all patients. Healthcare prioritization can be based on a variety of factors, including the severity of the disease or condition, the potential health benefits of the intervention, the cost-effectiveness of the intervention, and the availability of alternative treatments or services. One approach to healthcare prioritization is to use a formal priority-setting framework, such as Multi-Criteria Decision Analysis (MCDA). These frameworks provide a structured approach to prioritization, which involves identifying the potential health benefits of different interventions, estimating their costs, and comparing their cost-effectiveness. Overall, healthcare prioritization is an important tool for decision-makers in healthcare, as it helps ensure that healthcare resources are used effectively and efficiently to provide the greatest health benefits to the population.

Multi-Criteria Decision Analysis

A decision-making approach that involves evaluating multiple criteria or objectives simultaneously to make a decision. In healthcare, MCDA is often used to help decision-makers prioritize interventions or allocate resources based on multiple criteria, such as cost-effectiveness, equity, feasibility, and patient preferences. MCDA can help decision-makers make more informed and transparent decisions by considering multiple criteria and perspectives. It can also help identify trade-offs between criteria and highlight areas of disagreement or uncertainty. However, MCDA can be complex and time-consuming, and may require significant data and expertise to implement effectively. Overall, MCDA is an important tool for decision-makers in healthcare, as it can help ensure that decisions are based on a comprehensive evaluation of all relevant criteria and perspectives.