Define economic evaluation and explain why it is important

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Assignment: Healthcare resources are scarce, and policy makers and health planners make choices between alternative uses of resources. Economic evaluation is important when allocating scarce resources. Cost- benefit analysis, cost effectiveness analysis, and cost utility analysis are decision-making tools that help policy makers and planners examine healthcare costs and the consequences of alternative health programs, services, and interventions.

Question: Define economic evaluation, and explain why it is important in healthcare. Discuss cost effectiveness analysis. Discuss cost-benefit analysis. Share your views on the application of the two approaches in resource allocation.

Reference no: EM133304079

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