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

3 terms

Threshold AnalysisThreshold Analysis Method, Switching-Value Analysis

A sensitivity analysis technique identifying the value at which an input parameter would need to be set for a model's conclusion to change.

Tornado DiagramTornado Plot, Tornado Chart

A horizontal bar chart displaying one-way sensitivity analysis results, bars ranked from largest to smallest range, resembling a tornado shape.

Two-Way Sensitivity AnalysisTwo-Way Sensitivity, Bivariate Sensitivity Analysis

An analysis varying two parameters together across a grid of combinations, typically shown as a contour plot or heat map of results.