Reference table
Value of information: four inputs to check before a study
A table of the four inputs a research team needs to judge whether a study is worth running: the decision it feeds, the realistic options, the result that would switch the choice and the cost of choosing wrong. Each row gives the question to ask the decision owner and the answer that signals trouble. It takes about fifteen minutes and comes from value of information analysis in health economics.
Where this appears
What's in this reference table
| Input | The question to ask | Typical failure |
|---|---|---|
| The decision | What action does this study feed, and who takes it? | For general understanding, which means no decision and so no value |
| The options | What are the two or three things we might actually do? | Only one option is real. The others are decoration |
| The switch point | What result would make us pick a different option? | Nobody can name one, at any value |
| The cost of being wrong | If we pick wrong, what does it cost over the life of the decision? | Stated as a lot, not a number with a denominator and a time horizon |
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<a href="https://www.koji.so/visuals/value-of-information-four-inputs-table"><img src="https://www.koji.so/visuals/value-of-information-four-inputs-table/value-of-information-four-inputs-table.png" alt="Table of the four inputs for a value of information check: the decision, the options, the switch point and the cost of being wrong, with how each one fails." width="1200" height="719" /></a>
<p>Source: <a href="https://www.koji.so/visuals/value-of-information-four-inputs-table">Value of information: four inputs to check before a study</a>, Koji</p>
