Basically, any process of making an economic assessment consists of five steps, including a
preparation (see Figure 4.1). The way in which each of the steps is performed depends on the
situation at hand. Some steps take very little time; others may take more. The order of the steps
is not necessarily fixed, it is possible to perform a step quickly first and then later come back to
it. This is useful if some information is missing and becomes available later. If necessary, some
cycles of refinement can be performed, for instance by adding cost factors in a later stage, or by modifying some parameters and seeing what happens.
Basically, any process of making an economic assessment consists of five steps, including apreparation (see Figure 4.1). The way in which each of the steps is performed depends on thesituation at hand. Some steps take very little time; others may take more. The order of the stepsis not necessarily fixed, it is possible to perform a step quickly first and then later come back toit. This is useful if some information is missing and becomes available later. If necessary, somecycles of refinement can be performed, for instance by adding cost factors in a later stage, or by modifying some parameters and seeing what happens.
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