Cost-Benefit Analysis in World Bank Projects
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Washington, DC: World Bank
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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.
Palabras clave
ACCOUNTABILITY, ACCOUNTING, ACCOUNTING PRINCIPLES, ACCOUNTING STANDARDS, BENEFICIARIES, BENEFIT ANALYSIS, BENEFIT STREAMS, CAPACITY BUILDING, COMMUNITIES, COST-BENEFIT ANALYSES, COST-BENEFIT ANALYSIS, COUNTERFACTUAL, DECISION MAKING, DRIVING, ECONOMIC ANALYSIS, ECONOMIC CONDITIONS, ECONOMIC GROWTH, ECONOMIC IMPACT, ECONOMIC REFORM, ECONOMICS, ECONOMISTS, EDUCATIONAL ATTAINMENT, EFFECTIVE USE, EMERGENCY RESPONSE, EMPIRICAL BASIS, EMPIRICAL EVIDENCE, EMPLOYMENT, ENVIRONMENTAL, ENVIRONMENTAL COSTS, ENVIRONMENTAL EXTERNALITIES, ENVIRONMENTAL IMPACTS, EX ANTE ANALYSIS, EXPENDITURES, EXTERNALITIES, FINANCIAL COVENANTS, FINANCIAL INSTITUTIONS, FISHERIES, FORECASTS OF TRAFFIC GROWTH, HIGHWAY, HOUSEHOLD INCOME, HOUSEHOLD SURVEYS, ICR, IDEAL INDICATORS, IMPACT EVALUATION, INCOME, INTEREST RATES, INTERVENTION, INTERVENTIONS, LEARNING, MANDATES, MARKET PRICES, POLICY CHANGES, POSITIVE EXTERNALITIES, POVERTY REDUCTION, PRESENT VALUE, PRIVATE GOODS, PRODUCTIVITY, PROGRAMS, PROJECT BENEFICIARIES, PROJECT MONITORING, PROJECT OBJECTIVES, PUBLIC GOOD, PUBLIC GOODS, PUBLIC INVOLVEMENT, RESOURCE MANAGEMENT, ROAD, ROAD PROJECTS, ROADS, RURAL DEVELOPMENT, SELECTION BIAS, SETTLEMENT, SHADOW PRICES, SUBSIDIARY, TECHNICAL ASSISTANCE, TRAFFIC, TRAFFIC DENSITY, TRAFFIC GROWTH, TRANSACTION COSTS, TRANSPARENCY, TRANSPORT, TRANSPORT PROJECTS, TRANSPORT SECTOR, TRUE, URBAN DEVELOPMENT, WAGES, WEALTH