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Cost-Benefit Analysis in World Bank Projects

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  • Independent Evaluation Group

Abstract

This report has been prepared in the context of a major global effort in the past eight years to better measure results in development assistance. The agenda for this effort was articulated and refined in a series of international conferences, beginning with the international conference on financing for development in Monterrey in 2002 and continuing through the Accra agenda for action in 2008. Cost-benefit analysis entails measuring results, valuing results, and comparing results with costs, and hence is highly relevant to the results agenda. Cost-benefit analysis can provide a comprehensive picture of the net impact of projects and help direct funds to where their development effectiveness is highest. This study draws two broad conclusions. First, the bank needs to revisit its policy for cost-benefit analysis in a way that recognizes the legitimate difficulties in quantifying benefits while preserving a high degree of rigor in justifying projects. Second, the bank needs to ensure that cost-benefit analysis is done with quality, rigor, and objectivity: poor data and analysis misinform, and do not improve, results. Reforms are required to project-appraisal procedures to ensure objectivity, improve both the analysis and the use of evidence at appraisal, and ensure effective use of cost benefit analysis in decision making.

Suggested Citation

  • Independent Evaluation Group, 2010. "Cost-Benefit Analysis in World Bank Projects," World Bank Publications - Books, The World Bank Group, number 2561, December.
    • Handle: RePEc:wbk:wbpubs:2561
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    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/2561/624700PUB0Cost00Box0361484B0PUBLIC0.pdf?sequence=1
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    Citations

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    Cited by:

    1. Independent Evaluation Group, 2010. "Climate Change and the World Bank Group : Phase II - The Challenge of Low-Carbon Development," World Bank Publications - Books, The World Bank Group, number 2548, December.
    2. Kilby, Christopher, 2015. "Assessing the impact of World Bank preparation on project outcomes," Journal of Development Economics, Elsevier, vol. 115(C), pages 111-123.
    3. Scheierling, Susanne M., 2011. "Assessing the direct economic effects of reallocating irrigation water to alternative uses : concepts and an application," Policy Research Working Paper Series 5797, The World Bank.
    4. Barrington-Leigh, Christopher & Ouliaris, Mark, 2017. "The renewable energy landscape in Canada: A spatial analysis," Renewable and Sustainable Energy Reviews, Elsevier, vol. 75(C), pages 809-819.
    5. Muthukumara S. Mani & Limin Wang, 2014. "Climate Change and Health Impacts," World Bank Publications - Reports 21820, The World Bank Group.
    6. Daniela Molinari & Susanna Dazzi & Edoardo Gattai & Guido Minucci & Giulia Pesaro & Alessio Radice & Renato Vacondio, 2021. "Cost–benefit analysis of flood mitigation measures: a case study employing high-performance hydraulic and damage modelling," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 108(3), pages 3061-3084, September.

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