Decision Analytic Modelling for Economic Evaluation (Foundations)

Overview - Decision Analyitic Modelling for Economic Evaluation Foundations

This course has been cancelled - please register interest for 2021.

This is a two-day course providing an introduction to the principles and practice of decision modelling for economic evaluation in health. 

A three-day advanced version of the course is also available.

Who is this course for?

The course is aimed at health economists and those health professionals with experience of health economics who wish to develop skills and knowledge in decision analysis for purposes of cost effectiveness analysis. It is designed for participants who are familiar with the basic principles of economic evaluation who wish to build, interpret and appraise decision models. It is envisaged that participants will currently be undertaking economic evaluation within the pharmaceutical and medical device industries, consultancy, academia or the health service.

Participants would be expected to have attended a general course in economic evaluation. The course will be based in a computer laboratory with each participant being given access to a computer with Microsoft Excel installed. A familiarity with Microsoft Excel is essential.

Teaching methods

A mixture of presentations from members of the Faculty, together with computer-based exercises using MS Excel on PCs provided. All exercises will be supported by Faculty and a group of tutors.

Course fee

The fee for 2020 is £790 for public/academic sector participants and £1,250.00 for commercial sector participants. Participants employed by academic/governmental institutions or NGOs from low- and middle-income countries (World Bank definition) are offered a 25% reduction on the public/academic course fee - see full list of eligible countries.

The fee will cover participation in the course, course materials, lunch and one course dinner event. It will not include travel costs and accommodation.

Course objectives
Course objectives - Decision Analyitic Modelling for Economic Evaluation Foundations

Course objectives

By the end of the course, participants will be able to:

  • consider the role of decision modelling in economic evaluation to guide decision making
  • use the basic building blocks of decision analysis such as joint and conditional probabilities and expected values
  • implement the principles of conceptual modelling as a way of planning a model
  • understand the strengths and weaknesses of the decision tree model and build such a model in Excel
  • understand the strengths and weaknesses of the Markov model and build such a model in Excel
  • build a model for a generic diagnostic test and understand how to assess the value of diagnostic information
  • think critically about the structure of decision models in particular situations and apply these appropriately
  • implement key generic analytic steps in decision analysis such as evidence identification and basic synthesis, sensitivity analysis and reporting results

Course content

Please note that the exact programme is subject to change although the material covered will remain largely the same

Day One

  • Module 1: Framing, planning and conceptualising models
    • Setting up decision problems
    • Designing an analysis
    • Conceptualising a model
    • Exercise
  • Module 2: Decision trees
    • Overview of decision trees
    • Structure and analysis
    • Exercise
  • Evening social event: course dinner

Day Two

  • Module 3: Modelling diagnostics
    • Structuring diagnostic strategies
    • Value of diagnostic information
    • Exercise
  • Module 4: Markov modelling
    • Cohort Markov models
    • Structure and analysis
    • Exercise
  • Module 5: Further analytical steps
    • Sources of evidence
    • Synthesis of evidence
    • Uncertainty analysis

The following article describes an introduction to Markov modelling: Briggs A, Sculpher M. Introducing Markov models for economic evaluation. PharmacoEconomics 1998; 13(4): 397-409. An Excel version of the model may be downloaded if you wish.

How to apply
How to apply - Decision Analyitic Modelling for Economic Evaluation Foundations

Applying for this course

This course has been cancelled - please register interest for 2021

Please read LSHTM's Admissions policies prior to submitting your application.

Short courses - visas, accommodation, disclaimer


The student is responsible for obtaining any visa or other permissions to attend the course, and is encouraged to start the application process as early as possible as obtaining a visa for the UK can sometimes take a long time. The Short Courses team can provide supporting documentation if requested.

Accommodation and meals

A list of hotels located in the vicinity of LSHTM, along with further resources for short term accommodation, can be found on our accommodation pages. Tea and coffee will be provided during breaks. Lunch vouchers for the LSHTM canteen will also be available.

Evening meals are not catered for at LSHTM, however there is a large choice of restaurants, cafés and shops nearby.

Important information

Please note:

  • If you have been offered a place on the course you will not be able to register without bringing formal ID (Passport) and without having obtained the correct visa if required.
  • It is essential that you read the current visa requirements for short course students.
  • LSHTM may cancel courses two weeks before the first day of the course if numbers prove insufficient.  In those circumstances, course fees will be refunded.
  • LSHTM cannot accept responsibility for accommodation, travel and other losses incurred as a result of the course being cancelled.