Measures of Benefits and Costs

  • K. J. Radford


Decision-making was defined at the beginning of the previous chapter as “...the choice between alternatives after an evaluation of their effectiveness in achieving the decision-maker’s objective or objectives”. The process of evaluation must consist of (i) an assessment of the benefits of each of the alternate courses of action relative to the objective or objectives and (ii) an estimate of the costs of each of the possible courses of action. The decision can then be made on the basis of the greatest benefit for a given cost or the least cost for a particular benefit.


Utility Function Planning Horizon Group Decision Proxy Measure Social Welfare Function 
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Copyright information

© Springer Science+Business Media New York 1989

Authors and Affiliations

  • K. J. Radford
    • 1
  1. 1.York UniversityCanada

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