¥ 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.