Cost-Benefit Analysis 03
Cost-Benefit Analysis 03 : "A process used to select countermeasures, by balancing the costs of implementing each option against the benefits derived from it. In general, the cost of managing risks needs to be equal to the benefits gained from putting the countermeasures in place. The benefit of this technique is the attempt to ensure public investment is directed toward those activities producing the greatest benefits for the best value for money. The limitations of the technique include the lack of data collection and methods that are required to capture indirect and intangible costs and benefits, legal and social responsibility requirements may override simple financial cost benefit analysis, and the possibility that its application may disadvantage certain measures or people". (UNDAP, Techniques Used in Disaster Risk Assessment, 2008)
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