Cost-effectiveness analysis
Cost-effectiveness analysis is like trying to figure out if something is worth the money you have to spend on it. It's like if you have $10 and you want to buy a toy, but you want to make sure you get the best toy for your money.
So, when people are trying to figure out if a medicine, treatment, or program is worth the money, they use cost-effectiveness analysis. They look at how much it costs to do the thing, and they also look at how well it works.
For example, let's say there are two medicines that can help people feel better when they're sick. One medicine costs $1 and makes 10 people feel better, while the other medicine costs $3 and makes 100 people feel better. Even though the second medicine costs more, it's still a better value because it helps more people for the same amount of money.
Cost-effectiveness analysis is important because it helps people make decisions about where to spend their money. If you have limited money, you want to make sure you're spending it in the smartest way possible.
So, when people are trying to figure out if a medicine, treatment, or program is worth the money, they use cost-effectiveness analysis. They look at how much it costs to do the thing, and they also look at how well it works.
For example, let's say there are two medicines that can help people feel better when they're sick. One medicine costs $1 and makes 10 people feel better, while the other medicine costs $3 and makes 100 people feel better. Even though the second medicine costs more, it's still a better value because it helps more people for the same amount of money.
Cost-effectiveness analysis is important because it helps people make decisions about where to spend their money. If you have limited money, you want to make sure you're spending it in the smartest way possible.
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