When should I use cost-effectiveness analysis?
An example of an AI chatbot conversation about when to use cost-effectiveness analysis.
When should I use cost-effectiveness analysis?
Cost-effectiveness analysis is useful when comparing the relative costs and outcomes of different interventions.
Can you give me an example of where it's applied?
Sure! It's often used in healthcare to evaluate the cost per quality-adjusted life year (QALY) gained from treatments.
What are the key components of a cost-effectiveness analysis?
The key components include identifying alternatives, measuring costs, measuring outcomes, and calculating cost-effectiveness ratios.
Are there any limitations to this analysis?
Yes, limitations include assumptions about costs and outcomes, potential biases, and the challenge of valuing non-monetary benefits.
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