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Economic Appraisal
Economic appraisal is a type of decision method applied to a project, programme or policy that takes into account a wide range of costs and benefits, denominated in monetary terms or for which a monetary equivalent can be estimated. Economic appraisal is a key tool for achieving value for money and satisfying requirements for decision accountability. It is a systematic process for examining alternative uses of resources, focusing on assessment of needs, objectives, options, costs, benefits, risks, funding, affordability and other factors relevant to decisions. The main types of economic appraisal are: * Cost–benefit analysis * Cost-effectiveness analysis * Scoring and weighting Economic appraisal is a methodology designed to assist in defining problems and finding solutions that offer the best value for money (VFM). This is especially important in relation to public expenditure and is often used as a vehicle for planning and approval of public investment relating to policies, pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost–benefit Analysis
Cost–benefit analysis (CBA), sometimes also called benefit–cost analysis, is a systematic approach to estimating the strengths and weaknesses of alternatives. It is used to determine options which provide the best approach to achieving benefits while preserving savings in, for example, transactions, activities, and functional business requirements. A CBA may be used to compare completed or potential courses of action, and to estimate or evaluate the value against the cost of a decision, project, or policy. It is commonly used to evaluate business or policy decisions (particularly public policy), commercial transactions, and project investments. For example, the U.S. Securities and Exchange Commission must conduct cost-benefit analyses before instituting regulations or deregulations. CBA has two main applications: # To determine if an investment (or decision) is sound, ascertaining if – and by how much – its benefits outweigh its costs. # To provide a basis for comparing inve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost-effectiveness Analysis
Cost-effectiveness analysis (CEA) is a form of economic analysis that compares the relative costs and outcomes (effects) of different courses of action. Cost-effectiveness analysis is distinct from cost–benefit analysis, which assigns a monetary value to the measure of effect. Cost-effectiveness analysis is often used in the field of health services, where it may be inappropriate to monetize health effect. Typically the CEA is expressed in terms of a ratio where the denominator is a gain in health from a measure (years of life, premature births averted, sight-years gained) and the numerator is the cost associated with the health gain. The most commonly used outcome measure is quality-adjusted life years (QALY). Cost–utility analysis is similar to cost-effectiveness analysis. Cost-effectiveness analyses are often visualized on a plane consisting of four quadrants, the cost represented on one axis and the effectiveness on the other axis. Cost-effectiveness analysis focuses on m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scoring And Weighting
Score or scorer may refer to: *Test score, the result of an exam or test Business * Score Digital, now part of Bauer Radio * Score Entertainment, a former American trading card design and manufacturing company * Score Media, a former Canadian media company Mathematics *Score (statistics), a quantity in statistics *Score, a quantity of twenty ( 20) units *Raw score, an original datum that has not been transformed *Score test, a statistical test * Scorer's function, solutions to differential equations *Scoring rule, measuring the accuracy of probabilistic predictions *Standard score, a quantity derived from the raw score * Score, a period of 20 years Science and technology * Single colour reflectometry (SCORE), an optical technique for monitoring biomolecular interactions Arts, entertainment, and media * Event score, written or printed instructions for a visual art performance Films * ''Score'' (1974 film), an American adult film * ''Score'' (2016 film), a documentary * '' S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Evaluation Methods
Evaluation is a systematic determination and assessment of a subject's merit, worth and significance, using criteria governed by a set of standards. It can assist an organization, program, design, project or any other intervention or initiative to assess any aim, realisable concept/proposal, or any alternative, to help in decision-making; or to ascertain the degree of achievement or value in regard to the aim and objectives and results of any such action that has been completed. The primary purpose of evaluation, in addition to gaining insight into prior or existing initiatives, is to enable reflection and assist in the identification of future change. Evaluation is often used to characterize and appraise subjects of interest in a wide range of human enterprises, including the arts, criminal justice, foundations, non-profit organizations, government, health care, and other human services. It is long term and done at the end of a period of time. Definition Evaluation is the s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decision Analysis
Decision analysis (DA) is the discipline comprising the philosophy, methodology, and professional practice necessary to address important decisions in a formal manner. Decision analysis includes many procedures, methods, and tools for identifying, clearly representing, and formally assessing important aspects of a decision; for prescribing a recommended course of action by applying the maximum expected-utility axiom to a well-formed representation of the decision; and for translating the formal representation of a decision and its corresponding recommendation into insight for the decision maker, and other corporate and non-corporate stakeholders. History In 1931, mathematical philosopher Frank Ramsey pioneered the idea of subjective probability as a representation of an individual’s beliefs or uncertainties. Then, in the 1940s, mathematician John von Neumann and economist Oskar Morgenstern developed an axiomatic basis for utility theory as a way of expressing an individual ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
