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Theory Behind Economic Analysis of Projects

In: Project Analysis in Developing Countries

Author

Listed:
  • Steve Curry

    (International Development Economist and Consultant)

  • John Weiss

    (University of Bradford)

Abstract

Economic and financial analysis are similar techniques in that they rely on the decision criteria outlined in Chap. 3 . Both analyses are in monetary terms, usually in constant prices, they both apply a discount rate to allow for the effect of time, and they both are based on a with- versus without-project comparison. These are standard procedures of a discounted cash flow analysis. The key difference between them is in the definition of benefits and costs. In both, opportunity cost (i.e. the benefits that would have been created by using the resources committed to a project somewhere else) must define costs. However, because benefits are measured differently, they will be different between the two approaches.

Suggested Citation

  • Steve Curry & John Weiss, 2023. "Theory Behind Economic Analysis of Projects," Springer Books, in: Project Analysis in Developing Countries, edition 3, chapter 0, pages 83-109, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-40014-8_4
    DOI: 10.1007/978-3-031-40014-8_4
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