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Cost-effective
Cost-effectiveness analysis (CEA) is a form of economic analysis that compares the relative costs and outcomes (effects) of different courses of action. Cost-effectiveness analysis is distinct from cost–benefit analysis, which assigns a monetary value to the measure of effect. Cost-effectiveness analysis is often used in the field of health services, where it may be inappropriate to monetize health effect. Typically the CEA is expressed in terms of a ratio where the denominator is a gain in health from a measure (years of life, premature births averted, sight-years gained) and the numerator is the cost associated with the health gain. The most commonly used outcome measure is quality-adjusted life years (QALY). Cost–utility analysis is similar to cost-effectiveness analysis. Cost-effectiveness analyses are often visualized on a plane consisting of quadrant (plane geometry), four quadrants, the cost represented on one axis and the effectiveness on the other axis. Cost-effective ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Incremental Cost-effectiveness Ratio
The incremental cost-effectiveness ratio (ICER) is a statistic used in cost-effectiveness analysis to summarise the cost-effectiveness of a health care intervention. It is defined by the difference in cost between two possible interventions, divided by the difference in their effect. It represents the average incremental cost associated with 1 additional unit of the measure of effect. The ICER can be estimated as: :ICER=\frac, where C_ and E_ are the cost and effect in the intervention group and where C_ and E_ are the cost and effect in the control care group. Costs are usually described in monetary units, while effects can be measured in terms of health status or another outcome of interest. A common application of the ICER is in Cost–utility analysis, cost-utility analysis, in which case the ICER is synonymous with the cost per quality-adjusted life years, quality-adjusted life year (QALY) gained. Cost-effectiveness threshold The ICER can be used as a decision rule or cost- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Health Economics
Health economics is a branch of economics concerned with issues related to Health care efficiency, efficiency, effectiveness, value and behavior in the production and consumption of health and healthcare. Health economics is important in determining how to improve health outcomes and lifestyle patterns through interactions between individuals, healthcare providers and clinical settings. Health economists study the functioning of healthcare systems and health-affecting behaviors such as smoking, diabetes, and obesity. One of the biggest difficulties regarding healthcare economics is that it does not follow normal rules for economics. Price and quality are often hidden by the third-party payer system of insurance companies and employers. Additionally, Quality-adjusted life year, QALYs (Quality Adjusted Life Years), one of the most commonly used measurements for treatments, is very difficult to measure and relies upon assumptions that are often unreasonable. A seminal 1963 arti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pharmacoeconomics
Pharmacoeconomics refers to the scientific discipline that compares the value of one pharmaceutical drug or drug therapy to another. It is a sub-discipline of health economics. A pharmacoeconomic study evaluates the cost (expressed in monetary terms) and effects (expressed in terms of monetary value, efficacy or enhanced quality of life) of a pharmaceutical product. Pharmacoeconomic studies serve to guide optimal healthcare resource allocation, in a standardized and scientifically grounded manner. Economic evaluation Pharmacoeconomics centers on the economic evaluation of pharmaceuticals, and can use cost-minimization analysis, cost-benefit analysis, cost-effectiveness analysis or cost-utility analysis. Quality-adjusted life years have become the dominant outcome of interest in pharmacoeconomic evaluations, and many studies employ a cost-per-QALY analysis. Economic evaluations are carried out alongside randomized controlled trials and using methods of decision-analytic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost–utility Analysis
Cost–utility analysis (CUA) is a form of economic analysis used to guide procurement decisions. The most common and well-known application of this analysis is in pharmacoeconomics, especially health technology assessment (HTA). In health economics In health economics, the purpose of CUA is to estimate the ratio between the cost of a health-related intervention and the benefit it produces in terms of the number of years lived in full health by the beneficiaries. Hence it can be considered a special case of cost-effectiveness analysis, and the two terms are often used interchangeably. Cost is measured in monetary units. Benefit needs to be expressed in a way that allows health states that are considered less preferable to full health to be given quantitative values. However, unlike cost–benefit analysis, the benefits do not have to be expressed in monetary terms. In HTAs it is usually expressed in quality-adjusted life years (QALYs). If, for example, intervention A allows a p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Negawatt
A ''negawatt-hour'' is a unit of energy saved as a direct result of energy conservation measures, such as reducing the use of heat or electricity. The concept was developed after Amory Lovins authored an article published in the March 21, 1985 issue of Public Utilities Fortnightly arguing that utility companies will sell less electricity and more efficiency by marketing 'negawatts'. In Lovins' opinion, utility customers don't want kilowatt-hours of electricity; they want energy services such as hot showers, cold beer, lit rooms, and spinning shafts, which can come more cheaply if electricity is used more efficiently., Lovins credited the term to a typo in a document by the Colorado Public Utilities Commission in which the word "megawatt" was misspelled. Negawatts are intended to be a form of encouragement to motivate consumers to conserve energy. Lovins considers the concept of conservation a change in behavior based on the attitude 'Do Less to Use Less.' He makes a distinctio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Disability-adjusted Life Year
A disability-adjusted life year (DALY) is a measure of overall disease burden, representing a year lost due to ill-health, disability, or early death. It was developed in the 1990s as a way of comparing the overall health and life expectancy of different countries. The concept has become more common in the field of public health and health impact assessment (HIA). It combines both potential years of life lost due to premature death ( mortality) and to poor health or disability ( morbidity) into a single metric. DALY, QALY and HALY DALY is closely related to QALY and HALY. A QALY (quality-adjusted life year) measures both the length and quality of life. QALYs are commonly used to assess the cost-effectiveness of medical or public health interventions and to guide decisions aimed at improving social welfare. However, QALYs measure only the benefit of medical interventions, not the overall burden of disease. Like DALY, HALY (health-adjusted life years) assesses the combined effec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost–utility Analysis
Cost–utility analysis (CUA) is a form of economic analysis used to guide procurement decisions. The most common and well-known application of this analysis is in pharmacoeconomics, especially health technology assessment (HTA). In health economics In health economics, the purpose of CUA is to estimate the ratio between the cost of a health-related intervention and the benefit it produces in terms of the number of years lived in full health by the beneficiaries. Hence it can be considered a special case of cost-effectiveness analysis, and the two terms are often used interchangeably. Cost is measured in monetary units. Benefit needs to be expressed in a way that allows health states that are considered less preferable to full health to be given quantitative values. However, unlike cost–benefit analysis, the benefits do not have to be expressed in monetary terms. In HTAs it is usually expressed in quality-adjusted life years (QALYs). If, for example, intervention A allows a p ... [...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 in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Analysis
Economics () is a behavioral science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as basic elements within economies, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and investment expenditure interact; and the factors of production affecting them, such as: labour, capital, land, and enterprise, inflation, economic growth, and public policies that impact these elements. It also seeks to analyse and describe the global economy. Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "wh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Health Informatics
Health informatics combines communications, information technology (IT), and health care to enhance patient care and is at the forefront of the medical technological revolution. It can be viewed as a branch of engineering and applied science. The health domain provides an extremely wide variety of problems that can be tackled using computational techniques. Health informatics is a spectrum of multidisciplinary fields that includes study of the design, development, and application of computational innovations to improve health care. The disciplines involved combine healthcare fields with computing fields, in particular computer engineering, software engineering, information engineering, bioinformatics, bio-inspired computing, theoretical computer science, information systems, data science, information technology, autonomic computing, and behavior informatics. In the healthcare industry, health informatics has provided such technological solutions as telemedicine, surgi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Costs
Cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost. In this case, money is the input that is gone in order to acquire the thing. This acquisition cost may be the sum of the cost of production as incurred by the original producer, and further costs of transaction as incurred by the acquirer over and above the price paid to the producer. Usually, the price also includes a mark-up for profit over the cost of production. More generalized in the field of economics, cost is a metric that is totaling up as a result of a process or as a differential for the result of a decision. Hence cost is the metric used in the standard modeling paradigm applied to economic processes. Costs (pl.) are often further described based on their timing or their applicability. Types of accounti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Efficient Energy Use
Efficient energy use, or energy efficiency, is the process of reducing the amount of energy required to provide products and services. There are many technologies and methods available that are more energy efficient than conventional systems. For example, building insulation, insulating a building allows it to use less heating and cooling energy while still maintaining a Thermal comfort, comfortable temperature. Another method made by Lev Levich is to remove energy subsidies that promote high energy consumption and inefficient energy use. Improved energy efficiency in Green building, buildings, industrial processes and Energy efficiency in transport, transportation could reduce the world's energy needs in 2050 by one third. There are two main motivations to improve energy efficiency. Firstly, one motivation is to achieve Operating cost, cost savings during the operation of the appliance or process. However, installing an energy-efficient technology comes with an upfront cost, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
