​​Deciding whether to engage an independent evaluator for an economic evaluation

  • ​Identify the investment decision of interest
  • Decide whether an economic evaluation will be able to inform this decision
  • Identify existing, relevant economic evidence and decide whether it will suffice
  • Determine the feasibility of the program (or whether information or feasibility will be available)
  • Establish the effectiveness of the program (or whether information on effectiveness will be available)
  • Determine how important economic evidence is for the investment decision to be made, given other considerations such as equity
  • Decide whether the level of investment in a program warrants an economic evaluation
  • Identify whether there are plans for scaling up the program
  • Consider whether it will be possible to obtain the data required for the economic evaluation
  • Decide whether there is a need for special evaluation expertise and/or an independent assessment of the program, hence an external evaluation consultant​​

Framing the economic evaluation

  • Define the perspective of the analysis
  • Define the comparator(s)
  • Determine the timeframe of the evaluation

Choosing an appropriate economic evaluation technique (refer to​​​ Choosing an economic evaluation technique​​)

  • Cost-minimisation
  • Cost-effectiveness
  • Cost-efficiency
  • Cost-utility
  • Cost-consequences
  • Cost-benefit

Identifying and collecting appropriate data

  • Define appropriate costs based on the perspective chosen
  • Choose an appropriate method of obtaining the data

Considering other issues relevant to economic evaluation in population health

  • Decide whether economic modelling is required​ to extrapolate costs/outcomes
  • Choose a discount rate
  • Decide what strategies will be used to account for uncertainty (e.g. sensitivity analysis)

Interpreting the results

  • Ensure that key elements are included in the evaluation report
  • Decide whether the results have been interpreted correctly given the technique used and the context for the evaluation

Note that, for external evaluations, some of these decisions will be made by the team engaging the independent evaluator prior to calling for a request for tender (RFT) for the evaluation. Other decisions may be made by the successful evaluator, in consultation with the team engaging the independent evaluator. Which decisions are made before and after the call for applications will depend on the level of economic expertise in the team engaging the independent evaluator​.
Current as at: Wednesday 14 August 2024
Contact page owner: Centre for Epidemiology and Evidence