QBS 140/PH 121: Decision & Cost-Effective Analysis

Course Director: Dr. Anna Tosteson & Dr. James Stahl

  • Course description: This course covers the fundamental principles and mechanics of decision analysis and cost-effectiveness analysis. Topics covered in the course include basics of probability (including Bayes’ Theorem), structuring decision problems as decision trees and Markov models, components of preference (value preference, time preference, and risk preference), valuing multidimensional outcomes, evaluating decision trees, sensitivity analysis, value of information, and basic principles of cost-effectiveness analysis. The course has a weekly lab that involves use of decision analysis software to reinforce concepts presented in class. Labs are also used for development, progress review and discussion of small group decision analysis projects, which culminate in formal presentations the last week of class. Weekly problem sets are also used to reinforce the concepts presented in class.
  • Prerequisites:
    • Coursework: PH100, PH139, PH140 OR permission of instructor.
    • Programming language: Students learn TreeAge Software.