Table 2 Definitions of terms

CEA

Cost-effectiveness analysis: Achieving more of the outcome for the same cost or achieving the same outcome for less cost, expressed in incremental benefits on Quality Adjusted Life Years (QALY), or incremental cost-effectiveness ratio (ICER)

CUA

Cost-utility analysis: Similar to CEA but for multiple outcome measures in quality-of-life units (QoL)

CBA

Cost–benefit analysis: Financial expression of costs and benefits from a programme in a cost–benefit ratio (CBR)

CBA is the basis for ROI and SROI; CBA and SROI are societal perspectives, ROI is managerial/investor focused

ROI

Return on Investment: Expression of costs and benefits from a programme expressed in an ROI metric

SROI

Social Return on Investment: Expression of costs and benefits from a programme expressed in a ROI metric

Includes benefits for society, environment, and others. Engages various stakeholders in the calculation process

CCA

Cost consequence analysis: comparing alternative interventions or programs in which the components of incremental costs and consequences without aggregating these results

Economic terms sources: [17, 60–63]

Value

Value for money

Any outcome seen to be of importance, utility, or usefulness. [64]

Obtaining the most useful (utility), most effective, and less wasteful (efficient) from your service or purchase [60]

Benefit

Any outcome that produces useful, helpful, or advantageous outcomes [65]

Outcome

A result or consequence of an action or process [66]

QI methods

Methods used to improve organisational processes and behaviours e.g., PDSA, Lean, Six-Sigma, Lean-Six Sigma, Audit & Feedback. [67–69]

Healthcare organisation (UK)

A unique framework of authority within which a person or persons act or are designated to act towards some purpose as a direct provider of healthcare services (preventative, curative, rehabilitative, or palliative). Includes Local Authorities with Social care working in cooperation with the NHS [70]