¥ Step 1: The first step is to specify and
describe the policy or
action to be evaluated, including such information
as its location, timing, and the people who will be
affected.
¥Step 2: The
second step is to describe and quantify the effects of
the policy or program that will lead to benefits and
costs to society.
¥Step 3: The
third step is to estimate the social costs and benefits.
¥Step 4: The
final step is to compare benefits and costs of the
proposed project.