Armour and Weapon Value - is it worth wearing?

How do you know if a piece is better than another?
What are the total stats and how do they change when you replace an Item.
Is it just that a 22 Damage and 6 Stamina weapon is as good as a 22 Damage and 6 health?
Is there any theorycrafting at all, or is it just add up the numbers?
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