ACTA Webinar: Pre-trial VOI analyses to guide trial prioritisation and data collection

Value of information analysis is an approach that can be used to help prioritise research.  It centres around the idea that decisions are uncertain.  If the ‘wrong’ decision is made then a loss is incurred.  The probability of being ‘wrong’ multiplied by the loss if we are wrong is the expected loss due to uncertainty, or, to turn it around, it is the expected gain from eliminating uncertainty.  We can use this principle to predict the return on investment in research and so to help guide research efforts to where they can yield the greatest benefit for the resources available.