EVPI

AcronymDefinition
EVPIExpected Value of Perfect Information (operations management)
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Table 1 Probability Demand Doses 100 200 300 400 500 100 200 300 400 500 0.1 100 500 (1000) (2500) (4000) (5500) 0.2 200 500 1000 (500) (2000) (3500) 0.3 300 500 1000 1500 0 (1500) 0.25 400 500 1000 1500 2000 500 0.15 500 500 1000 1500 2000 2500 EMV 500 800 700 0 (1200) Figure 1 EMV = (0.1)(-$1000) + (0.2)($1000) + (0.3)($1000) + (0.25)($1000) + (0.15)($1000) EMV = $800 Figure 2 EPUC = (0.1)(($500) + (0.2)($1000) + (0.3)($1500) + (0.25)($2000) + (0.15)($2500) EPUC = $1,575 Therefore, EVPI = EPUC - EMV = $1,575 - $800 = $775
The discounted lifetime EVPI was U.S.$78 per person.
Given the EVPI of U.S.$709 million, additional research to study the ability of telemedicine to detect other eye conditions is warranted.
One can also calculate the worth of acquiring additional information through further research, by calculating the EVPI (Claxton and Posnett 1996).
Additionally, we assessed the EVPI, and for which topics further research is most valuable.
The EVPI is the expected value of obtaining perfect knowledge of the "true" values of all parameters.
For the base case analysis, the uncertainty surrounding the decision whether or not to implement shared care resulted in an EVPI of 87 [euro] per person, given a ceiling ratio of 40,000 [euro].
Additionally, the EVPI for parameters was calculated.