scholarly journals THE IMPACT OF ECONOMIC ANALYSIS METHODS ON PROJECT DECISION-MAKING IN AIRPORT PAVEMENT MANAGEMENT

2021 ◽  
Vol 83 (3) ◽  
pp. 11-19
Author(s):  
Buhaaldeen Mohammed Zaki ◽  
Peyman Babashamsi ◽  
Aini Hazwani Shahrir ◽  
Abdalrhman Milad ◽  
Noor Halizah Abdullah ◽  
...  
Keyword(s):  
Decision Making ◽  
Life Cycle ◽  
Economic Evaluation ◽  
Economic Analysis ◽  
Pavement Management ◽  
Economic Evaluations ◽  
Analysis Methods ◽  
Airport Pavement ◽  
The Impact ◽  
Project Decision

Airports are a part of the world transportation network. Huge investments are made annually for airport pavement construction, maintenances and  rehabilitations. The idea of integrating life-cycle cost analysis (LCCA) and life cycle assessment (LCA) is the latest approach to develop a method for assessing pavement sustainability. In this regard, research on economic evaluation analysis methods has resulted in the development and improvement of pavement management systems (PMS). This paper compares two main economic evaluations which mainly could use in LCCA namely net future value (NFV) and net present Value (NPV). To indicate the effect of economic evaluation a case study is examined. In this research LCCA comprises three main components which are direct costs, indirect costs, and salvage value. Airport Revenue Reduction Cost (ARRC) and Airline Delay Cost (ADC) considered as two specific indirect/user costs. The results show the impact of different economic analysis method on project decision-making where the use of crack sealing overlay (CSOL) is 35.8% and 28.3% more cost-effective than Portland cement concrete (PCC) and hot-mix asphalt (HMA), respectively.

scholarly journals A cost–benefit analysis framework for preventive health interventions to aid decision-making in Australian governments

2021 ◽  
Vol 19 (1) ◽  
Author(s):  
Jaithri Ananthapavan ◽  
Marj Moodie ◽  
Andrew Milat ◽  
Lennert Veerman ◽  
Elizabeth Whittaker ◽  
...  
Keyword(s):  
Decision Making ◽  
Economic Evaluation ◽  
Cost Benefit Analysis ◽  
Cost Benefit ◽  
Preventive Health ◽  
Health Interventions ◽  
Economic Evaluations ◽  
Benefit Analysis ◽  
Analysis Framework ◽  
The Impact

Abstract Background Australian governments are increasingly mandating the use of cost–benefit analysis (CBA) to inform the efficient allocation of government resources. CBA is likely to be useful when evaluating preventive health interventions that are often cross-sectoral in nature and require Cabinet approval prior to implementation. This study outlines a CBA framework for the evaluation of preventive health interventions that balances the need for consistency with other agency guidelines whilst adhering to guidelines and conventions for health economic evaluations. Methods We analysed CBA and other evaluation guidance documents published by Australian federal and New South Wales (NSW) government departments. Data extraction compared the recommendations made by different agencies and the impact on the analysis of preventive health interventions. The framework specifies a reference case and sensitivity analyses based on the following considerations: (1) applied economic evaluation theory; (2) consistency between CBA across different government departments; (3) the ease of moving from a CBA to a more conventional cost-effectiveness/cost-utility analysis framework often used for health interventions; (4) the practicalities of application; and (5) the needs of end users being both Cabinet decision-makers and health policy-makers. Results Nine documents provided CBA or relevant economic evaluation guidance. There were differences in terminology and areas of agreement and disagreement between the guidelines. Disagreement between guidelines involved (1) the community included in the societal perspective; (2) the number of options that should be appraised in ex ante analyses; (3) the appropriate time horizon for interventions with longer economic lives; (4) the theoretical basis and value of the discount rate; (5) parameter values for variables such as the value of a statistical life; and (6) the summary measure for decision-making. Conclusions This paper addresses some of the methodological challenges that have hindered the use of CBA in prevention by outlining a framework that is consistent with treasury department guidelines whilst considering the unique features of prevention policies. The effective use and implementation of a preventive health CBA framework is likely to require considerable investment of time and resources from state and federal government departments of health and treasury but has the potential to improve decision-making related to preventive health policies and programmes.

scholarly journals Maximizing Health or Sufficient Capability in Economic Evaluation? A Methodological Experiment of Treatment for Drug Addiction

2016 ◽  
Vol 37 (5) ◽  
pp. 498-511 ◽  
Author(s):  
Ilias Goranitis ◽  
Joanna Coast ◽  
Ed Day ◽  
Alex Copello ◽  
Nick Freemantle ◽  
...  
Keyword(s):  
Decision Making ◽  
Economic Evaluation ◽  
Drug Addiction ◽  
Well Being ◽  
Economic Evaluations ◽  
Health And Social Care ◽  
Evaluative Space ◽  
The Impact ◽  
Decision Making Rule

Conventional practice within the United Kingdom and beyond is to conduct economic evaluations with “health” as evaluative space and “health maximization” as the decision-making rule. However, there is increasing recognition that this evaluative framework may not always be appropriate, and this is particularly the case within public health and social care contexts. This article presents a methodological case study designed to explore the impact of changing the evaluative space within an economic evaluation from health to capability well-being and the decision-making rule from health maximization to the maximization of sufficient capability. Capability well-being is an evaluative space grounded on Amartya Sen’s capability approach and assesses well-being based on individuals’ ability to do and be the things they value in life. Sufficient capability is an egalitarian approach to decision making that aims to ensure everyone in society achieves a normatively sufficient level of capability well-being. The case study is treatment for drug addiction, and the cost-effectiveness of 2 psychological interventions relative to usual care is assessed using data from a pilot trial. Analyses are undertaken from a health care and a government perspective. For the purpose of the study, quality-adjusted life years (measured using the EQ-5D-5L) and years of full capability equivalent and years of sufficient capability equivalent (both measured using the ICECAP-A [ICEpop CAPability measure for Adults]) are estimated. The study concludes that different evaluative spaces and decision-making rules have the potential to offer opposing treatment recommendations. The implications for policy makers are discussed.

Economic evaluation in global health

2018 ◽  
pp. 25-28
Author(s):  
Catherine Pitt ◽  
Josephine Borghi ◽  
Kara Hanson
Keyword(s):  
Decision Making ◽  
Sensitivity Analysis ◽  
Economic Evaluation ◽  
Global Health ◽  
Economic Evaluations ◽  
Middle Income ◽  
Middle Income Countries ◽  
Key Steps ◽  
The Impact ◽  
Differential Timing

This chapter sets out the key steps in undertaking an economic evaluation: framing the study; measuring and valuing the costs and effects of the chosen interventions; and key elements within analysis, such as adjusting for differential timing, estimating the impact of uncertainty through sensitivity analysis, and modelling. The chapter also discusses the use of economic evaluation for decision making, the presentation of findings, and challenges with economic evaluations, and provides some key references. The chapter concludes by looking at future priorities, outlining how increased conduct and use of economic evaluation in low- and middle-income countries will help optimise the use of limited resources to improve health.

Resource allocation and economic evaluation in Australia's healthcare system

2011 ◽  
Vol 35 (3) ◽  
pp. 278 ◽  
Author(s):  
Abdolvahab Baghbanian ◽  
Ian Hughes ◽  
Freidoon A. Khavarpour
Keyword(s):  
Decision Making ◽  
Resource Allocation ◽  
Economic Evaluation ◽  
Cost Effectiveness ◽  
Decision Makers ◽  
Economic Evaluations ◽  
Healthcare Decision ◽  
Effectiveness Analysis ◽  
Allocation Decisions ◽  
Resource Allocation Decisions

Objective. To explore dimensions and varieties of economic evaluations that healthcare decision-makers do or do not use. Design. Web-based survey. Setting and participants. A purposive sample of Australian healthcare decision-makers was recruited by direct invitation through email. All were invited to complete an online questionnaire derived from the EUROMET 2004 survey. Results. A total of 91 questionnaires were analysed. Almost all participants were involved in financial resource allocations. Most commonly, participants based their decisions on patient needs, effectiveness of interventions, cost of interventions or overall budgetary effect, and policy directives. Evidence from cost-effectiveness analysis was used by half of the participants. Timing, ethical issues and lack of knowledge about economic evaluation were the most significant barriers to the use of economic evaluations in resource allocation decisions. Most participants reported being moderately to very familiar with the cost-effectiveness analysis. There was a general impression that evidence from economic evaluations should play a larger role in the future. Conclusions. Evidence from health economic evaluations may provide valuable information in some decisions; however, at present, it is not central to many decisions. The study suggests that, for economic evaluation to be helpful in real-life policy decisions, it has to be placed into context – a context which is complex, political and often resistant to voluntary change. What is known about the topic? There are increasing calls for the use of evidence from formal economic evaluations to improve the quality of healthcare decision making; however, it is widely acknowledged that such evidence, as presently constituted, is underused in its influence on allocation decisions. What does this paper add? This study highlights that resource allocation decisions cannot be purely based on the use of technical, economic data or systematic evidence-based reviews. In order to exploit the full potential value of economic evaluations, researchers need to make better sense of decision contexts at specific times and places. What are the implications for practitioners? The study has the potential to expand researchers and policy-makers’ understanding of the limited use of economic evaluation in decision-making. It produces evidence that decision-making in Australia’s healthcare system is not or cannot be a fully rational bounded process. Economic evaluation is used in some contexts, where information is accurate, complete and available.

Life cycle analysis of mortars and its environmental impact

2005 ◽  
Vol 895 ◽  
Author(s):  
Antonia Moropoulou ◽  
Christopher Koroneos ◽  
Maria Karoglou ◽  
Eleni Aggelakopoulou ◽  
Asterios Bakolas ◽  
...  
Keyword(s):  
Decision Making ◽  
Life Cycle Assessment ◽  
Life Cycle ◽  
Environmental Impact ◽  
Life Cycle Analysis ◽  
Considerable Research ◽  
Cement Binder ◽  
The Impact ◽  
Selection Of ◽  
Lca Results

AbstractOver the years considerable research has been conducted on masonry mortars regarding their compatibility with under restoration structures. The environmental dimension of these materials may sometimes be a prohibitive factor in the selection of these materials. Life Cycle Assessment (LCA) is a tool that can be used to assess the environmental impact of the materials. LCA can be a very useful tool in the decision making for the selection of appropriate restoration structural material. In this work, a comparison between traditional type of mortars and modern ones (cement-based) is attempted. Two mortars of traditional type are investigated: with aerial lime binder, with aerial lime and artificial pozzolanic additive and one with cement binder. The LCA results indicate that the traditional types of mortars are more sustainable compared to cementbased mortars. For the impact assessment, the method used is Eco-indicator 95

Incorporating life cycle assessments into building project decision-making: An energy consumption and CO2 emission perspective

Energy ◽  
2011 ◽  
Vol 36 (5) ◽  
pp. 3022-3029 ◽  
Author(s):  
Wen-Hsien Tsai ◽  
Sin-Jin Lin ◽  
Jau-Yang Liu ◽  
Wan-Rung Lin ◽  
Kuen-Chang Lee
Keyword(s):  
Decision Making ◽  
Life Cycle ◽  
Energy Consumption ◽  
Co2 Emission ◽  
Life Cycle Assessments ◽  
Building Project ◽  
Project Decision

Economic Analysis of Buried Corrugated Steel Culverts Considering Deterioration

2014 ◽  
Vol 960-961 ◽  
pp. 281-286
Author(s):  
Chun Hong Zhi
Keyword(s):  
Life Cycle ◽  
Economic Analysis ◽  
Life Cycle Cost ◽  
Emergency Situation ◽  
Decision Makers ◽  
Maintenance Schedule ◽  
Comparison Results ◽  
Inspection And Maintenance ◽  
Economic Comparison ◽  
Project Decision

The characteristics of the corrugated steel culvert and the deterioration of the structure are analyzed. The Life Cycle Cost (LCC) approach is put forward to analysis the initial, maintenance and recycling cost of the different material culverts. The user delay costs are added to the typical LCC values considering the deterioration and the failure of structures. The analysis and the economic comparison results show that the total LCC values at the failure emergency situation is much larger than the situation when the deterioration is considered initiatively. Such economic analysis can help the project decision makers better understand the risks associated with deterioration and failure. The inspection and maintenance schedule should be formulated considering the culvert size, the environment in which the culvert is placed, and the characteristics of the soil and the backfill.

scholarly journals Economic evaluation of meningococcal vaccines: considerations for the future

2019 ◽  
Vol 21 (2) ◽  
pp. 297-309 ◽  
Author(s):  
Hannah Christensen ◽  
Hareth Al-Janabi ◽  
Pierre Levy ◽  
Maarten J. Postma ◽  
David E. Bloom ◽  
...  
Keyword(s):  
Decision Making ◽  
Economic Evaluation ◽  
Cost Effectiveness ◽  
Meningococcal Disease ◽  
Indirect Costs ◽  
Evaluation Methods ◽  
Economic Evaluations ◽  
Meningococcal Vaccines ◽  
Vaccine Introduction ◽  
Life Years

AbstractIn 2018, a panel of health economics and meningococcal disease experts convened to review methodologies, frameworks, and decision-making processes for economic evaluations of vaccines, with a focus on evaluation of vaccines targeting invasive meningococcal disease (IMD). The panel discussed vaccine evaluation methods across countries; IMD prevention benefits that are well quantified using current methods, not well quantified, or missing in current cost-effectiveness methodologies; and development of recommendations for future evaluation methods. Consensus was reached on a number of points and further consideration was deemed necessary for some topics. Experts agreed that the unpredictability of IMD complicates an accurate evaluation of meningococcal vaccine benefits and that vaccine cost-effectiveness evaluations should encompass indirect benefits, both for meningococcal vaccines and vaccines in general. In addition, the panel agreed that transparency in the vaccine decision-making process is beneficial and should be implemented when possible. Further discussion is required to ascertain: how enhancing consistency of frameworks for evaluating outcomes of vaccine introduction can be improved; reviews of existing tools used to capture quality of life; how indirect costs are considered within models; and whether and how the weighting of quality-adjusted life-years (QALY), application of QALY adjustment factors, or use of altered cost-effectiveness thresholds should be used in the economic evaluation of vaccines.

Probabilistic Economical Evaluation for Business Decisions Through Integrated Uncertainty Assessment and Reliable Ensemble-Based Production Forecasts

2021 ◽  
Author(s):  
Mohammed Abd-Allah ◽  
Ahmed Abdelrahman ◽  
Luke Van Den Brul ◽  
Taha Taha ◽  
Mohammad Ali Javed
Keyword(s):  
Economic Evaluation ◽  
History Matching ◽  
Dynamic Models ◽  
Traditional Approach ◽  
Integrated Modelling ◽  
Economic Evaluations ◽  
Reservoir Model ◽  
Model Uncertainties ◽  
Reservoir Models ◽  
The Impact

Abstract Economic evaluation of exploration and production projects ensures a positive return for asset operators and stakeholders and evaluates risk in field development decisions related to both reservoir model uncertainties and fluctuations in oil and gas prices. Traditionally, such evaluation is performed manually and deterministically using single or limited number of cases (limited number of reservoir models and few values of economic parameters). Such traditional approach does not integrate seismic-to-simulation reservoir model uncertainties, the reservoir model used is often unreliable due to inconsistent property modifications during the history matching process, full span of prediction uncertainty isn't properly propagated for economic evaluation and the whole process is not fully automated. This paper presents an integrated and automated forward modelling approach where static and dynamic models are connected to integrate the impact of uncertainties at the different modelling stages (seismic interpretation through geological modelling to dynamic simulation and further to economic evaluations). The approach is demonstrated using synthetic 3D model data mimicking a real North Sea field. It starts by building an integrated modelling workflow that can capture the various reservoir model uncertainties at different stages to automatically generate multiple probable model realisations. Proxy models are constructed and used to refine the history match in successive batches. For each prediction development scenario, prediction probabilities are estimated using posterior ensemble of geologically consistent runs that matches historical observed data. The ensemble of reservoir models is automatically evaluated against different possible economic scenarios. The approach presents a seamless and innovative workflow that benefits from new-generation hardware and software, enables faster simultaneous realisations, produces consistent and more reliable reservoir models. Probabilistic economic evaluation concept is implemented to calculate the statistical probabilities of economic indicators.

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