Question

Analyze and select two types of economic evaluations. Compare the two evaluations, in relation to the factors that may affect the decision to conduct each of the economic evaluations.

Describe at least two potential ethical and social issues related to program implementation.

Explain the approach(s) you might take to address these ethical issues.

Answer 1

Ans to the part (1)

Let's take Cost-benefit and cost-effectiveness analysis to study this.

Both Cost-benefit and cost-effectiveness analysis are two similar, but distinct methods for evalutaing the efficiency of projects, which thereby includes, the business investments, corporate policies and government programs. Analysts in the corporate and public sectors use these methods when evaluating the merits of programs and initiatives. Although the two methods of analysis share lots of similarities, but the differences are tooimportant to acknowledge.

Cost-benefit analysis, which is also called benefit-cost analysis,which is a systematic approach to test the economic worth of a project or investment. It does this by quantifying in monetary terms the costs of a project and comparing them with the benefits, which are also expressed in monetary figures. If the value of the benefits exceeds that of its costs, the project is considered worthwhile. This method of analysis can be applied to such projects as building a new manufacturing facility or upgrading factory equipment in order to increase the productivity.

Like CBA, the cost-effectiveness approach helps to calculate the monetary worth of all project costs. The difference is that cost-effectiveness considers the outputs produced by a project, which are not measured in monetary term. It has been seen that the Health-care researchers often used cost-effectiveness analysis in order to analyze the cost of health-care interventions in terms of lives saved, illnesses prevented or years of life gained. The resulting measure in cost-effectiveness analysis, then, is the cost per case prevented or cost per year of life gained, according to the CDC.