Computing the Expected Value of Sample Information Efficiently: Expertise and Skills Required for Four Model-Based Methods
Value of information (VOI) analyses can help policy-makers make informed decisions about whether to conduct and how to design future studies. Historically, a computationally expensive method to compute the Expected Value of Sample Information (EVSI) restricted the use of VOI to simple decision models and study designs. Recently, four EVSI approximation methods have made such analyses more feasible and accessible. We provide practical recommendations for analysts computing EVSI by evaluating these novel methods. Members of th e Collaborative Network for Value of Information (ConVOI) compared the inputs, analyst’s expertise and skills, and software required for four recently developed approximation methods. Information was also collected on the strengths and limitations of each approximation method.