Methodological UncertaintyMethods Uncertainty, Analytic Uncertainty
Uncertainty arising from the choice of analytical methods or structural assumptions, such as discount rate, rather than the numerical values used within a fixed method.
Uncertainty & Value of Information
Terms for describing and quantifying uncertainty in economic evaluations and for valuing further research.
- Topic: Uncertainty & Value of Information
- 37 terms
- Editor reviewed
Monte Carlo ErrorMCSE, Simulation Sampling Error
Monte Carlo error is the random numerical difference between a finite-simulation estimate and the target quantity it would approach with sufficiently many valid draws under the specified model.
Monte Carlo SimulationMCS, Second-Order Simulation
Monte Carlo simulation uses repeated random sampling to show how uncertainty in model inputs produces uncertainty in model outputs.
Multi-Way Sensitivity AnalysisMultiway SA, Simultaneous Parameter Variation, Multi-Way Sensitivity
An analysis systematically varying two or more input parameters together across a defined range of combinations, examining their combined effect on results.