Cost-Benefit Assessment

Selected RCOs must also be cost-effective (attractive) so that the benefit gained will be greater than the cost incurred as a result of the adoption (MO (1997), MSA (1993), Kuo (1998)). There are limitations in carrying out Cost benefit Analysis. The limitations come from imperfect data and uncertainty. It must also be pointed out that Cost Benefit Analysis, as suggested for use in FSA is not a precise science, but it is only a way of evaluation. Thus it cannot be used mechanistically, but only as a consulting instrument in decision-making. 

a base case is required in this stage. The RCO costs, benefits and the CURR can be estimated by comparing the base case with the one where the RCO is implemented. Equation (5.1) can be used to calculate CURR values. 

Having estimated all costs-benefits and risk reduction values of each RCO, for both the overall situation and for each particular accident category, the next requirement is to list the findings with regard to their significance to the various stakeholders and their relative values. 

It is equally admitted, however, that the application of absolute numerical risk criteria may not always be appropriate, as the whole process of risk assessment involves uncertainties. Furthermore, opinions on acceptable numerical risk criteria may differentiate between individuals and societies with different cultures, experiences and mentalities. 

The RCOs that could finally be adopted would be the ones with the best cost-effectiveness for the whole situation as well as for the particular stakeholders. 

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Bottom hole assemblies and certain types of downhole equipment (e.g. logging tools, MWD tools) cost several US 100,000. Some logging tools will have radioactive sources which may need to be recovered or isolated for safety and legal reasons. However, prior to commencing fishing operations, a cost - benefit assessment will have to be made to establish that the time and equipment attributable to the fishing job is justified by the value of the fish or the cost of sidetracking the hole. 

There are two main approaches to informing decisions that take account of economic factors. One is cost benefit assessment (CBA) and the other is multicriteria decision analysis (MCDA). It is not the purpose of this document to provide detailed guidance about these techniques, but we offer some comments in the context of standard setting (Text Box C). For a more detailed appreciation of CBA, refer to... 

The Cost-Benefit assessment of the CO2 injection for EOR and storage underground on the two baseline scenarios are listed in Table 1. 

No remediation is appropriate, in the light of a cost-benefit assessment ... 

The FSA approach is a standardized holistic approach, and consists of five steps (IMO 2002) 1) Hazard Identification, 2) Risk Assessment, 3) Estabhsh Safety Measures, 4) Cost-Benefit Assessment, and 5) Recommendation for decision making. It is mandated that in order to be consistently appUed by different parties, the process must be clearly documented and formally recorded in a uniform and systematic manner (IMO 2002). In general, the availability of suitable data for all steps in the analysis is vital. If not readily available, these may be estimated through models, expert judgment and simulations. 

To date, the effectiveness of pre-employment medical examination is still under discussion, since there are no follow-up studies or cost/benefit assessments. Moreover, some studies have revealed how, even in similar situations, the job-fitness evaluations can differ considerably according to the criteria used by the physicians (De Kort et al. 1991, 1992). This lack of homogeneity might depend on the lack of standardised protocols. For this reason, we think it might be useful, within some limits, to give a few suggestions on these problems. 

Larson ED, Consonni S, Napoletano S, Katofsky R, Isa K, Frederick J. A cost-benefit assessment of gasification-based bioiefining in the Kraft pulp and paper industry volume 2, Detailed biorefinery design and performance simulation. 2006. 

Cost-benefit assessment for each risk-control option and... 

For cost and demand data, we use the cost-benefit assessment performed by the Washington State Institute for Public Policy (WSIPP) (Lee et al. 2012). Using a statistical meta-analysis approach, the report estimates monetary values of benefifs and costs of various prevenfion programs. Moreover, it provides not only measures of juvenile justice buf... 

Jones, Damon, Brian K. Bumbarger, Mark T. Greenberg, Peter Greenwood, and Sandee Kyler. The Economic Return on PCCD s Investment in Research-Based Programs A Cost-Benefit Assessment ofDelinquency Prevention in Pennsylvania. The Pennsylvania State University Prevention Research Center for the Promotion of Human Development (NJl), 2008. 

The assessment of ship safety has become an increasingly important issue. The techniques of risk and cost-benefit assessments are used in the ship-safety decision-making process. The approach is called a formal safety assessment (FSA) and is composed of the following five steps [17] ... 

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