It is confusing to conceptualize the ACC/AHA determination “that the weight of evidence is in favor of the technology” (page w504) to be a “scientific judgment” that occurs in the first box of the anatomy of a decision diagram. It is cleaner to frame explicit decision-making methods as follows:
1. Agree on the alternatives being considered.
2. Agree on the health and economic outcomes that differ across alternatives.
3. Agree on estimates of the magnitude and uncertainty of each outcome for each alternative. This can be accomplished by stating each outcome estimate as a range such that all of the decisionmakers are confident that the true value lies within the range. This step does involve scientific judgments, but it should not be stated in terms of whether or not the technology is “favored” by evidence.
4. Apply value/preference judgments regarding which alternative is favored. In this step, both the magnitude and the uncertainty of the outcomes are considered together.
People intuitively apply this approach to investment decisions. When deciding to purchase a bond, they simultaneously consider the price, the expected yield, and the associated uncertainty, described in terms of “bond ratings.” They summarize the magnitude and uncertainty of outcomes by considering the “risk-return ratio.” The p < 0.05 threshold that is part of the established EBM judgment framework is analogous to deciding to buy a bond because it has a good bond rating. Likewise, “cost-
effectiveness” analysis, as it has been commonly framed by CEA advocates, is analogous to buying a bond based on the return. The ideal framework must simultaneously consider the magnitude and uncertainty of outcomes.