Decision-makers need a consistent basis for assessing competing proposals and to be
fully informed about the implications of using economic resources. By quantifying all
significant costs and benefits in monetary terms it is possible to determine the net
benefits or costs of a given proposal. However some significant benefits or costs may
be subject to uncertainty and/or may not be able to be quantified in monetary terms. This
chapter has outlined a number of analytical tools to unable analysts to assess the effects
of risk and uncertainty, and to allow decision-makers to make informed trade-offs
between the quantitative and qualitative factors that would influence the choice of
preferred option.
If more detailed guidance is required please contact your Treasury Vote team.