|
Risk–benefit Ratio
A risk–benefit ratio (or benefit-risk ratio) is the ratio of the risk of an action to its potential benefits. Risk–benefit analysis (or benefit-risk analysis) is analysis that seeks to quantify the risk and benefits and hence their ratio. Analyzing a risk can be heavily dependent on the human factor. A certain level of risk in our lives is accepted as necessary to achieve certain benefits. For example, driving an automobile is a risk most people take daily, also since it is mitigated by the controlling factor of their perception of their individual ability to manage the risk-creating situation. When individuals are exposed to involuntary risk (a risk over which they have no control), they make risk aversion their primary goal. Under these circumstances, individuals require the probability of risk to be as much as one thousand times smaller than for the same situation under their perceived control (a notable example being the common bias in the perception of risk in flying v ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ratio
In mathematics, a ratio shows how many times one number contains another. For example, if there are eight oranges and six lemons in a bowl of fruit, then the ratio of oranges to lemons is eight to six (that is, 8:6, which is equivalent to the ratio 4:3). Similarly, the ratio of lemons to oranges is 6:8 (or 3:4) and the ratio of oranges to the total amount of fruit is 8:14 (or 4:7). The numbers in a ratio may be quantities of any kind, such as counts of people or objects, or such as measurements of lengths, weights, time, etc. In most contexts, both numbers are restricted to be Positive integer, positive. A ratio may be specified either by giving both constituting numbers, written as "''a'' to ''b''" or "''a'':''b''", or by giving just the value of their quotient Equal quotients correspond to equal ratios. Consequently, a ratio may be considered as an ordered pair of numbers, a Fraction (mathematics), fraction with the first number in the numerator and the second in the denom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Biomedical Research
Medical research (or biomedical research), also known as experimental medicine, encompasses a wide array of research, extending from "basic research" (also called ''bench science'' or ''bench research''), – involving fundamental scientific principles that may apply to a ''preclinical'' understanding – to clinical research, which involves studies of people who may be subjects in clinical trials. Within this spectrum is applied research, or translational research, conducted to expand knowledge in the field of medicine. Both clinical and preclinical research phases exist in the pharmaceutical industry's drug development pipelines, where the clinical phase is denoted by the term ''clinical trial''. However, only part of the clinical or preclinical research is oriented towards a specific pharmaceutical purpose. The need for fundamental and mechanism-based understanding, diagnostics, medical devices, and non-pharmaceutical therapies means that pharmaceutical research i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reference Class Forecasting
Reference class forecasting or comparison class forecasting is a method of predicting the future by looking at similar past situations and their outcomes. The theories behind reference class forecasting were developed by Daniel Kahneman and Amos Tversky. The theoretical work helped Kahneman win the Nobel Prize in Economics. Reference class forecasting is so named as it predicts the outcome of a planned action based on actual outcomes in a reference class of similar actions to that being forecast. Discussion of which reference class to use when forecasting a given situation is known as the reference class problem. Overview Kahneman and Tversky Decision Research Technical Report PTR-1042-77-6. In found that human judgment is generally optimistic due to overconfidence and insufficient consideration of distributional information about outcomes. People tend to underestimate the costs, completion times, and risks of planned actions, whereas they tend to overestimate the benefits of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Optimism Bias
Optimism bias (or the optimistic bias) is a cognitive bias that causes someone to believe that they themselves are less likely to experience a negative event. It is also known as unrealistic optimism or comparative optimism. Optimism bias is common and transcends gender, ethnicity, nationality, and age.O’Sullivan, Owen P. (2015)The neural basis of always looking on the bright side.''Dialogues in Philosophy, Mental and Neuro Sciences'', 8(1):11–15. Optimistic biases are even reported in non-human animals such as rats and birds. However, autistic people are less susceptible to optimistic biases. Four factors can cause a person to be optimistically biased: their desired end state, their cognitive mechanisms, the information they have about themselves versus others, and overall mood. The optimistic bias is seen in a number of situations. For example: people believing that they are less at risk of being a crime victim, smokers believing that they are less likely to contract lung can ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Odds Algorithm
The odds algorithm (or Bruss algorithm) is a mathematical method for computing optimal strategies for a class of problems that belong to the domain of optimal stopping problems. Their solution follows from the ''odds strategy'', and the importance of the odds strategy lies in its optimality, as explained below. The odds algorithm applies to a class of problems called ''last-success'' problems. Formally, the objective in these problems is to maximize the probability of identifying in a sequence of sequentially observed independent events the last event satisfying a specific criterion (a "specific event"). This identification must be done at the time of observation. No revisiting of preceding observations is permitted. Usually, a specific event is defined by the decision maker as an event that is of true interest in the view of "stopping" to take a well-defined action. Such problems are encountered in several situations. Examples Two different situations exemplify the interes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost–benefit Analysis
Cost–benefit analysis (CBA), sometimes also called benefit–cost analysis, is a systematic approach to estimating the strengths and weaknesses of alternatives. It is used to determine options which provide the best approach to achieving benefits while preserving savings in, for example, transactions, activities, and functional business requirements. A CBA may be used to compare completed or potential courses of action, and to estimate or evaluate the value against the cost of a decision, project, or policy. It is commonly used to evaluate business or policy decisions (particularly public policy), commercial transactions, and project investments. For example, the U.S. Securities and Exchange Commission must conduct cost-benefit analyses before instituting regulations or deregulations. CBA has two main applications: # To determine if an investment (or decision) is sound, ascertaining if – and by how much – its benefits outweigh its costs. # To provide a basis for comparing inve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Benefit Shortfall
When the actual benefits of a venture are less than the projected or estimated benefits, the result is known as a benefit shortfall. If, for instance, a company is launching a new product or service and projected sales are 40 million dollars per year, whereas actual annual sales turn out to be only 30 million dollars, then the benefit shortfall is said to be 25 percent. Sometimes the terms "demand shortfall" or "revenue shortfall" are used instead of benefit shortfall. Public and private enterprises alike fall victim to benefit shortfalls. Prudent planning of new ventures will include the risk of benefit shortfalls in risk assessment and risk management. The discipline of benefits realisation management seeks to identify any benefits shortfall as early as possible in a project or programmes delivery in order to allow corrective action to be taken, costs to be controlled and benefits realised. See also *Cost overrun * Cost-benefit analysis *Downside risk *Efficient contract t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consolidated Standards Of Reporting Trials
CONSORT (Consolidated Standards Of Reporting Trials) encompasses various initiatives developed by the CONSORT Group to alleviate the problems arising from inadequate reporting of randomized controlled trials. It is part of the larger EQUATOR Network initiative to enhance the transparency and accuracy of reporting in research. The CONSORT Statement The main product of the CONSORT Group is the CONSORT Statement,Schulz KF, Altman DG, Moher D; CONSORT Group. CONSORT 2010 statement: updated guidelines for reporting parallel group randomised trials. BMJ. 2010 Mar23;340:c332 which is an evidence-based, minimum set of recommendations for reporting randomized trials. It offers a standard way for authors to prepare reports of trial findings, facilitating their complete and transparent reporting, reducing the influence of bias on their results, and aiding their critical appraisal and interpretation. The most recent version of the Statement—the CONSORT 2010 Statement—consists of a 25-item ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World Medical Association
The World Medical Association (WMA) is an international and independent confederation of free professional medical associations representing physicians worldwide. WMA was formally established on September 18, 1947 and has grown to 115 national medical associations, as of 2021, with 1467 Associate Members, including Junior Doctors and medical students. and more than 10 million physicians. WMA is in official relations with the World Health Organization (WHO) and seeks close collaboration with the UN Special Rapporteur on the right to physical and mental health. History The WMA was founded on 18 September 1947, when physicians from 27 different countries met at the First General Assembly of the WMA in Paris. This organization was built from an idea born in the House of the British Medical Association in 1945, within a meeting organized in London to initiate plans for an international medical organization to replace l'Association Professionnelle Internationale des Médecins", which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk
In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. The international standard definition of risk for common understanding in different applications is “effect of uncertainty on objectives”. The understanding of risk, the methods of assessment and management, the descriptions of risk and even the definitions of risk differ in different practice areas (business, economics, environment, finance, information technology, health, insurance, safety, security etc). This article provides links to more detailed articles on these areas. The international standard for risk management, ISO 31000, provides principles and generic guidelines on managing risks faced by organizations. Definitions ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Declaration Of Helsinki
The Declaration of Helsinki (DoH, fi, Helsingin julistus, sv, Helsingforsdeklarationen) is a set of ethical principles regarding human experimentation developed originally in 1964 for the medical community by the World Medical Association (WMA). It is widely regarded as the cornerstone document on human research ethics. It is not a legally binding instrument under the international law, but instead draws its authority from the degree to which it has been codified in, or influenced, national or regional legislation and regulations. Its role was described by a Brazilian forum in 2000 in these words: "Even though the Declaration of Helsinki is the responsibility of the World Medical Association, the document should be considered the property of all humanity." Principles The Declaration is morally binding on physicians, and that obligation overrides any national or local laws or regulations, if the Declaration provides for a higher standard of protection of humans than the latter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
