Question

Identify and quantify at least 5 social costs and social benefits for a school project

Answer 1

Relevant costs and benefits

2.5.1 The aim of appraisal is to obtain value for money (VFM) from a broad economic perspective. This requires assessment of costs and benefits to the Northern Ireland (NI) economy as a whole.

2.5.2 Appraisals should account for all the costs and benefits to NI residents. They should therefore cover costs and benefits to both the government and non-government sectors (including the private, voluntary and community sectors) and individual private residents. The benefits of most public spending programmes fall to private individuals, and these should be included. Where proposals involve the use of private sector or other non-government resources, these should be costed because their use represents a cost to the economy.

2.5.3 While the primary focus should always be upon the costs and benefits to NI, there is flexibility to consider significant impacts upon other territories, including other parts of the United Kingdom (UK), the Republic of Ireland (RoI) and elsewhere in the EU. In practice, there is often little to distinguish between the NI and UK impact. However, this is not always the case. For example, a grant to a company in NI may displace business elsewhere in the UK, or a tourism project may attract tourists away from other parts of the UK. Such effects should always be appraised and, if considered to be material, taken into account alongside analysis from a NI perspective.

2.5.4 Impacts on RoI are usually considered relevant only where a policy or programme has an explicit cross-border dimension. Normally, in such cases, NI will be primarily interested in impacts and VFM from a NI perspective, while RoI's primary interest will be in impacts and VFM from a RoI standpoint. However, the relative weight to be given to these impacts is a matter for decision-makers to judge in relation to the policy or programme objectives in view, taking account of the individual circumstances of the case in hand.

Explanation:

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