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Economic evaluation

Economic evaluation is a systematic process used to compare the costs and benefits of different choices or projects, often in healthcare, policy-making, and business. It helps determine the most efficient use of resources by assessing the financial implications and potential outcomes of various options. By analyzing factors like cost-effectiveness, cost-benefit, and cost-utility, stakeholders can make informed decisions on where to allocate funds, ensuring that limited resources deliver the greatest benefit to society or an organization. This approach aims to maximize value and improve overall outcomes while considering both economic and social impacts.

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    Economic evaluation is a method used to assess the value and efficiency of different options, especially in health care and public policy. It compares costs and benefits to determine which choices provide the best outcomes for the resources invested. By analyzing factors like expense, effectiveness, and quality of life, economic evaluations help decision-makers prioritize projects and allocate resources wisely. This way, they can ensure that investments lead to the greatest overall benefits for individuals and society.