Journal of Biometrics & Biostatistics

Creating Decision Trees to Assess Cost-Effectiveness in Clinical Research

Abstract

Erika F. Werner, Sarahn Wheeler and Irina Burd

Decision analysis modeling has emerged as a powerful tool to weigh the cost-effectiveness of complex healthcare decisions. Decision analysis utilizes mathematical models to quantitatively compare multiple decisions accounting for both the monetary cost and the effect on quality of life. The current article reviews the components, statistical analyses, strengths, and limitations of decision analysis modeling for cost-effectiveness research in medicine.