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BBCF_Terminology_5

Section 5: The Economic Case

QuestionAnswer
Appraisal The process of defining objectives, examining options and weighing up the costs, benefits, risks and uncertainties of those options before a decision is made.
Assessments Either an appraisal or an evaluation (or both).
Benchmarking Benchmarking is where an investment proposal is compared against a normalised group of other proposals within a pre-determined peer group with a similar network levels of service in order to ensure value for money.
Evaluation Retrospective analysis of a project, programme or policy to assess how successful (or otherwise) it has been, and to learn lessons for future improvement.
Multi-criteria analysis (MCA) A tool that can be used to compare and evaluate alternatives and options in a long list in order to produce a short list, from which a recommended programme or preferred option is identified. It is generally used during the programme business case and single-stage business case (or indicative business case) phases of the Business Case Approach. A less formal or structured approach may work just as well for less complex programmes.
Net present cost (NPC) The discounted value of a stream of future costs.
Net present value (NPV) The discounted value of a stream of either future costs or benefits. The NPV is used to describe the difference between the present value of a stream of costs (NPC) and a stream of benefits.
Optimism bias The demonstrated systematic tendency for appraisers to be over-optimistic about key project parameters, including capital costs, works duration and benefits realisation.
Option appraisal The process of defining objectives, examining options and weighing up the costs, benefits, risks and uncertainties of those options before a decision is made.
Optioneering To ''engineer'' an option, that is, to consider various options in depth and compare, contrast and score them to find the best option.
Options Options represent different ways of achieving an outcome or objective. They are often confused with alternatives but they have different definitions. Alternatives are the broader level of an intervention, whereas options are more detailed.
Options framework A systematic framework for the development of options.
Options framework filter A systematic framework for the generation of a wide range of possible options (the “long list”) and the filtering of a few possible options for CBA/CEA (the “short list”) and identification of the preferred option (Flanagan JC (2006))
SWOT analysis A technique used to assess a scenario or idea by considering its natural strengths and weaknesses, the future opportunities it may provide and the threats to its expected performance.
Created by: Sarah Ironmonger
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