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Sandy Singh

Stack Developers | Posted 24 Nov, 2018 |

What is the economist assessment?

Shikha Kudesia

Content writer and teacher also | Posted 03 Dec, 2018

Economic Assessment is a necessary tool for evaluating, analyzing, identifying and comparing the available options for making fruitful decision to achieve the profit goals of the organization. It helps in understanding the nature and extent of the problem between different alternatives and makes a decision to search for a best alternative result. Some common economic assessment methods used by all types of organization whether it’s a government organization, public/private sector organization, any business or a social organization are: cost-benefit analysis, cost-effectiveness analysis, and break-even analysis for making various prediction from cost of work, to profit evaluation, to formation of new policy, development of new regulation and legislation, investment in capital and assets, policy and program evaluation, changes to amenity/wellbeing/ liveability(non market impacts). Economic assessment techniques with help of available data take account of all costs and benefits on a year-by-year basis over the life of the project or programme.
Economic assessments are just a form of data analysis used in process of making the decision. It cannot rely completely upon as it doesn’t indicate the exact complete story in terms of non-market goods and services. A quantitative decision such as social and environmental impacts cannot also fully depend on economic assessment as they are in control or formed by natural surroundings.