Cost-effectiveness Analysis

Cost-effectiveness analysis (CEA) is a type of economic evaluation that compares the costs and outcomes of different interventions. In the context of data science and artificial intelligence, CEA can be used to evaluate the cost-effectiveness of using different algorithms or models to solve a particular problem. CEA involves calculating the cost per unit of outcome (such as cost per life saved or cost per quality-adjusted life year gained) for each intervention being compared. This allows decision-makers to identify which intervention provides the greatest health benefit for the lowest cost. CEA can also be used to compare the cost-effectiveness of different data sources or data collection methods.
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