Definitions for "Benefit-cost analysis"
Estimates and comparison of short-term and long-term benefits (gains) and costs (losses) from an economic decision.
An examination of the relationship between the monetary cost of implementing an improvement and the monetary value of the benefits achieved by the improvement, both within the same time period.
An analytical approach to solving problems of choice which identifies for each objective, that alternative which yields the greatest total discounted benefit for a given discounted cost or that alternative which produces the required level of benefits at the lowest cost. This same analytical process has also been referred to as cost effectiveness analysis when the benefits of the alternatives cannot be quantified in terms of dollars or when benefits are limited to those stated in objectives.
A systematic quantitative method of assessing the desirability of government projects or policies when it is important to take a long view of future effects and a broad view of possible side-effects.