We’ve updated the INFFEWS Benefit: Cost Analysis Tool

A huge thank you to the 100+ organisations that downloaded and trialled INFFEWS over the past 12 months. Where possible, the various suggestions for improvement have been incorporated into the updated Benefit: Cost Analysis (BCA) Tool.

We now have some robust examples where the tools and resources are being applied, and we look forward to reporting on how the framework assisted in business case development and decision making.

The CRC for Water Sensitive Cities’ Comprehensive Economic Evaluation Framework project (IRP2) recently updated the Benefit: Cost Analysis Tool (WP3), after 12 months of closely engaging with key stakeholders and end users on the beta version.

IRP2 team members, Professor David Pannell and Dr Sayed Iftekhar, delivered a national tour of training workshops with industry practitioners on the updated version, as well as some intensive sessions for users who are currently applying the framework. Training sessions were held over a full day in Sydney (21 May), Adelaide (4 June), Melbourne (6 June), Perth (13 June) and Brisbane (20 June).

The training was very practical, and attendees were encouraged to bring along their own project to conduct a BCA using INFFEWS. The workshops covered:

using the INFFEWS Rough BCA Tool to prepare for a BCA
working through the INFFEWS BCA Tool to conduct a BCA
obtaining nonmarket values from the INFFEWS Value Tool
interpreting BCA results
interpreting Sensitivity Analysis results
using BCA to support decision making.

Attendees offered further suggestions for improvement, either during discussions or via the feedback form. These additional changes will be incorporated, and a new version will be released by the end of the year.

Satisfaction with the training was high, with every attendee in every city stating they were satisfied or very satisfied with the workshop. 87% of attendees also completed (partially or in full) the video series developed and produced by Professor Pannell, which provides the basic background knowledge required to conduct a BCA using INFFEWS. Watching these 10 brief videos is very useful before applying the tools, particularly for anyone without an economics background. The videos are freely available online here.

Now, the IRP2 team is populating the accompanying tool, INFFEWS Value Tool, with more nonmarket values. The tool is due for its next release in September 2019. We will conduct another national training tour for industry practitioners in applying the Value Tool and conducting benefit transfer during September and October 2019, including an additional workshop in Townsville.

If you would like to learn more about other areas of research currently being undertaken in the economic evaluation framework, check out the IRP2 website or contact Tammie Harold: tamara.harold@uwa.edu.au