LOCAL ECONOMIC ASSESSMENTMeaning of Economic Assessment (EA)•A process of identifying, calculating and comparing the costs and benefits -absolutely or in comparing with alternatives.•An analysis of the economic impact of an intervention or proposal, termed as 'economic impact assessment'.
Methods of EA•Various approaches and tools are used to undertake economic assessment depending on the use of analysis•Commonly used methods:•cost-benefit analysis-determines whether a proposal has a net benefit outweigh the costs, •cost-effectiveness analysis- a partial cost-benefit approach which compares the costs of alternative ways of producing the same or similar outcomes and •break-even analysis - determine the point at which the benefits of a policy option equal its costs.(based on monetary valuation of options and impacts).•Multi-criteria analysis (MCA) can be used when it is not feasible to quantify or monetise the main impacts of an option. Eg., social and environmental considerations
LOCAL ECONOMIC ASSESSMENTDifferent places face different economic challenges and opportunities and therefore a lot of economic development activity needs to be tailored locally. Well designed local economic development policy, taken forward by local authorities contributes significantly to sustainable economic objectives.
Local Economic AssessmentPrepare an assessment of the economic conditions of local areaThe Government believes that local authorities should have a central role in leading economic development and regeneration