economic evaluation

Question 1

opportunity cost

Answer 1

• The opportunity cost of an activity is the sacrifice in terms of the benefits forgone from not allocating resources to the next best activity

Question 2

economic efficiency

Answer 2

• Economic efficiency is achieved when resources are allocated between activities in such a way as to maximize benefit

Question 3

QALYs

Answer 3

Quality adjusted life years

Question 4

Equity

Answer 4

concerned with the fairness or justice of the distribution of costs and benefits

Question 5

types of economic evaluation

Answer 5

• Cost minimization analysis – Outcomes equivalent
• Cost effectiveness analysis – Outcome measured in natural units
• Cost utility analysis – Outcomes measured in QALY
• Cost benefit analysis – Outcomes measured in monetary units

Question 6

Calculating incremental cost and effectiveness ratios

Answer 6

• Effectiveness ratio = Incremental costs/Difference in QALY
• Incremental cost = New treatment cost – Old treatment cost
• QALY = Years increase x Utility time

Question 7

adverse event

Answer 7

An incident which results in harm to a patient, which is not a direct result of their illness or some other change event

Question 8

near miss

Answer 8

n event which arises during care and has the potential to cause harm but fails to develop further thereby avoiding harm

Question 9

human error

Answer 9

The failure of a planned action to be completed as intended – Without the intervention of some unforeseeable event or the use of a wrong plan to achieve an aim

Question 10

3 types of error

Answer 10

errors of omission
errors of commission
professional negligence

can also be skill or knowledge/rule based