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The positive predictive value (PPV), or precision, is defined as = + = where a "true positive" is the event that the test makes a positive prediction, and the subject has a positive result under the gold standard, and a "false positive" is the event that the test makes a positive prediction, and the subject has a negative result under the gold standard.
If 2000 people are tested and the prevalence (in the sample) is 50%, 1000 of them are sick and 1000 of them are healthy. Thus about 990 true positives and 990 true negatives are likely, with 10 false positives and 10 false negatives. The positive and negative prediction values would be 99%, so there can be high confidence in the result.
The individual's pre-test probability was more than twice the one of the population sample, although the individual's post-test probability was less than twice the one of the population sample (which is estimated by the positive predictive value of the test of 10%), opposite to what would result by a less accurate method of simply multiplying ...
PPV is best understood by comparison to two other approaches where a penalty is applied for risk: The risk-adjusted rate of return applies a risk-penalty by increasing the discount rate when calculating the Net Present Value (NPV); The certainty equivalent approach does this by adjusting the cash-flow numerators of the NPV formula.
Understanding Net Present Value (NPV) The net present value uses the present value of cash inflows and the present value of cash outflows to estimate the profitability of an investment or project ...
When the C method predicts p or n, the C′ method would predict n or p, respectively. In this manner, the C′ test would perform the best. The closer a result from a contingency table is to the upper left corner, the better it predicts, but the distance from the random guess line in either direction is the best indicator of how much ...
log(Diagnostic Odds Ratio) for varying sensitivity and specificity. In medical testing with binary classification, the diagnostic odds ratio (DOR) is a measure of the effectiveness of a diagnostic test. [1]