Overview
Coastal managers often need economic valuation information for project proposals, assessments, or funding applications. The following modules provide information about approaches for economic analysis, relevant examples, and guidance on how to conduct basic benefit-cost analysis and ecosystem service valuation. Hosts of this training can customize their workshop by selecting one or more of the following modules.
This instructor-led course, offered by the Office for Coastal Management, can be delivered either virtually or onsite.
Module 1: Introduction to Economic Analyses and Valuation
This module provides an introduction to economic analysis terminology related to benefit-cost analysis, economic impact analysis, cost-effectiveness analysis, benefit valuation methods, and more. Understanding these basics will help participants identify the most appropriate approach and the data needed.
Learning Outcomes
- Recognize and understand basic economic terminology
- Recognize relevant economic approaches and analyses
- Identify the best approach to use based on project objectives, level of expertise, and funding
- Conceptualize appropriate questions to ask an economist or an expert
Duration: 2 hours
Module 2: Pathways to Valuing Ecosystem Services
This module provides an overview of three common paths used to estimate the value of ecosystem services: site-specific studies, benefits transfer, and tools with built-in benefits. Each path will include information on its strengths and limitations, and on relevant support tools such as BlueValue (for benefits transfer) and the FEMA Benefit-Cost Analysis Toolkit (for tools with built-in benefits).
Note: For economic activities that are difficult to quantify, learn how oral histories can complement these approaches in the Introduction to Oral History module.
Learning Outcomes
- Discuss ecosystem service valuation terminology
- Conduct a rough benefits-transfer estimate
- Choose the proper methods for ecosystem service valuation based on available time, funding, and expertise
- Access relevant support tools and valuation data
Duration: 2 hours
Module 3: Introduction to Benefit-Cost Analysis
This hands-on module provides the necessary contextual and background information to supervise a basic benefit-cost analysis. Learners will explore an applied example and practice completing steps of a benefit-cost analysis. It’s designed for anyone who (1) needs to supervise, contract, or evaluate a benefit-cost analysis or (2) better understand benefit-cost analysis tools.
Note: For economic activities that are difficult to quantify, learn how oral histories can complement these approaches in the Introduction to Oral History module.
Learning Outcomes
- Determine when and why to do a benefit-cost analysis
- Implement the steps needed to conduct a basic benefit-cost analysis
- Interpret analysis results
- Recognize important economic terms and concepts
- Locate support tools and data
- Identify special considerations for nuances of benefit-cost analysis
Duration: 4 hours
Details
Participant Requirements
Virtual: Webcam, headset (or speakers and microphone), and Google Meet access
Professional Credit
American Institute of Certified Planners – 2 to 8 hours (depending on the number of modules attended)