A Monte Carlo Approach to Value of Information Evaluation

The value of information (VOI) methodology can be used for determining whether further information should be collected<br>before making a decision. Typically, a VOI is calculated on an expected monetary value (EMV) basis by means of a decision<br>tree, and the cost of the information is compared to the VOI to determine whether to undertake further data collection. A<br>majority of VOI studies employ the discrete decision tree approach to VOI evaluation, thus simplifying the problem by<br>reducing the range of the outcomes and the number of uncertainties addressed at the same time.