Assuring the quality of food products, especially their safety and nutrition levels, is an increasing focus for governments, companies, and international trade bodies. In choosing quality assurance programs, public and private decision‐makers must assess the benefits and costs of expected improvements in food safety and nutrition. This article discusses methods for measuring these benefits and costs as well as how these valuations are related to the mix of voluntary and mandatory quality management systems used in particular countries or trading blocs. These relationships are illustrated by a short case study of safety assurance systems for meat and poultry products.