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Ranking Projects for Water-Sensitive Cities

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  • Pannell, David J.

Abstract

Water agencies and utilities wishing to support water-sensitive projects face the challenge of deciding which of the many possible projects they should support with their limited resources. Projects vary greatly in their benefits and costs, so selecting the best projects can make a major difference to the level of benefits that can be generated for a given budget. Key principles for ranking projects are presented and explained. Suitable formulas to use as a metrics for ranking projects are developed and explained. The formulas account for valuation of benefits, the effectiveness of management, time lags, behaviour change, various risks and various costs. The formulas are designed to strike a balance between theoretical rigour and reasonable simplifications. A number of common mistakes to avoid are outlined. Sample templates for project proposals and spreadsheets for ranking projects are provided, to make it easy to put the principles into practice.

Suggested Citation

  • Pannell, David J., 2015. "Ranking Projects for Water-Sensitive Cities," Working Papers 204263, University of Western Australia, School of Agricultural and Resource Economics.
    • Handle: RePEc:ags:uwauwp:204263
    DOI: 10.22004/ag.econ.204263
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    File URL: https://ageconsearch.umn.edu/record/204263/files/Ranking%20Projects%20for%20Water-Sensitive%20Cities%20v6.pdf
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    References listed on IDEAS

    as
    1. Glenn Jenkins & Chun-Yan Kuo & Arnold C. Harberger, 2011. "Cost-Benefit Analysis for Investment Decisions: Chapter 4 (Discounting and Alternative Investment Criteria)," Development Discussion Papers 2011-04, JDI Executive Programs.
    2. Roberts, Anna M. & Pannell, David J. & Doole, Graeme & Vigiak, Olga, 2012. "Agricultural land management strategies to reduce phosphorus loads in the Gippsland Lakes, Australia," Agricultural Systems, Elsevier, vol. 106(1), pages 11-22.
    3. Pannell, David J. & Roberts, Anna M., 2010. "Australia’s National Action Plan for Salinity and Water Quality: a retrospective assessment," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 54(4), pages 1-20.
    4. Pannell, David J. & Gibson, Fiona L., 2014. "Testing metrics to prioritise environmental projects," Working Papers 163211, University of Western Australia, School of Agricultural and Resource Economics.
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    Environmental Economics and Policy;

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