What are the differences between a cost-effectiveness analysis and a cost-benefit analysis? (Select all that apply.)
a. Cost-effective analysis is prospective, and cost-benefit analysis is retrospective.
b. Cost-effectiveness analysis in outcomes research focuses on health outcomes, whereas cost-benefit analysis may or may not focus on health outcomes.
c. Cost-benefit analysis addresses cost as the opposite of benefit, whereas cost-effectiveness analysis treats cost as a limited resource.
d. Cost-benefit analysis does not consider anything except financial cost, whereas cost-effectiveness analysis considers intangible costs as well.
e. Cost-effectiveness analysis always considers financial cost as one of its variables, whereas cost-benefit analysis may or may not do so.
ANS: B, C, E
The economist's definition of efficiency is the least expensive method of achieving a desired end while obtaining the maximum benefit from available resources. Cost-effectiveness analyses compare different ways of accomplishing a clinical goal, such as diagnosing a condition, treating an illness, or providing a service. The purpose is to identify the strategy that provides the most value for the money. Cost-benefit analysis compares expenditures and rewards, often both from an economic point of view. Cost effectiveness analysis, rather than cost-benefit analysis, was identified as the appropriate tool for economic analysis for the purpose of public health uses because of its focus on health rather than economic outcomes. Both can be used either retrospectively or prospectively.
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