Terminal NodeLeaf Node, End Node
The endpoint of a branch within a decision tree, where no further events are attached and final cost and outcome values are recorded.
Economic Modelling
Terms for building and checking decision models, including decision trees, Markov models and simulation methods.
- Topic: Economic Modelling
- 40 terms
- Editor reviewed
Time HorizonAnalytic Horizon, Evaluation Period
The span of time over which an economic evaluation captures relevant differences in costs and outcomes among the options being compared.
Transition MatrixProbability Matrix, Markov Transition Table
A transition matrix is an ordered array of conditional probabilities that specifies movement among mutually exclusive states over a defined time interval.
Transition ProbabilityMove Probability, Cycle Transition Chance
A transition probability is the conditional chance of moving from a specified starting state to a specified destination state during a defined time interval.
Tunnel StateTemporary State Sequence, Tunnel Markov State
A modelling technique creating temporary, time-specific states a patient passes through in sequence, letting a Markov model approximate time-dependent risk.