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Please use this identifier to cite or link to this item: http://purl.umn.edu/204305

Title: Ranking Environmental Projects
Authors: Pannell, David J.
Authors (Email): Pannell, David J. (david.pannell@uwa.edu.au)
Keywords: conservation
environment
investment
economics
project prioritisation
uncertainty
behaviour change
risk
valuation
technical feasibility
JEL Codes: D82
Q20
Q28
Issue Date: 2015-04-16
Series/Report no.: Working Paper
1506
Abstract: Environmental agencies and utilities wishing to support environmental projects face the challenge of deciding which of the many possible projects they should support with their limited resources. Projects vary greatly in their benefits and costs, so selecting the best projects can make a major difference to the level of benefits that can be generated for a given budget. Key principles for ranking projects are presented and explained. Suitable formulas to use as a metrics for ranking projects are developed and explained. The formulas account for valuation of benefits, the effectiveness of management, time lags, behaviour change, various risks and various costs. The formulas are designed to strike a balance between theoretical rigour and reasonable simplifications. A number of common mistakes to avoid are outlined. Sample templates for project proposals and spreadsheets for ranking projects are provided, to make it easy to put the principles into practice.
URI: http://purl.umn.edu/204305
Institution/Association: University of Western Australia, School of Agricultural and Resource Economics>Working Papers
Total Pages: 65
Collections:Working Papers

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