Emerging Ideas: Site-Specific Benefit-Cost Analysis for Environmental Remediation Projects

Abstract

A proposed site-specific benefit-cost analysis methodology for use in remedy selection for environmental remediation projects is analyzed. Benefits, costs, and benefit-cost analysis are defined in the context of environmental remediation. Difficulties in determining and maximizing the benefit-cost ratio are addressed. A case study of a manufacturing facility contaminated with volatile organic compounds is presented with the actual results using the current feasibility study method for remedy selection. A comparison of these results with the results of a site-specific benefit-cost analysis is made. The comparison shows a similar selected remedy, ground-water monitoring with institutional controls, for both analysis methods.