Cost Benefit Analysis Essay

AbstractThe urban center of Sanford initiated work on their Parks and Grounds urban center Project in 2004 with the ontogeny of Phase I of said mold in an bm to create and build a better community for urban center residents. In doing so, they have been privy to obtaining various grants and funding that allowed them to extend the focus on the visualize to the Riverwalk and Seawall, while extending the phases of the Program to Street Revitalization, the Riverwalk Gateway, the Marketplace at Seminole Towne Center, and curtly the Orlando Sanford International Airport. This document will note the cost-benefit analysis that took place in the development of the project. It will also state how such analysis is employ for making decisions regarding public expenditures, the role the economic opening played in conducting research for this particular project as well as the mold of economic theory on the cost benefit analysis for this project. frequent Finance Proposal Part I Cost Benefit analytic thinkingThe askation of costs and benefits in the evaluation of an upcoming metropolis project is a rather logical abut. In fact, it is important for city managers to rejoinder into account the project costs and benefits antecedent to implementation of said project. The process of developing the project idea is essential and thus consideration for the shell course of action becomes essential to the process. Once these measures have been weighed out it is life-sustaining to compare the costs associated with implementing the courses of action addressed in the development phase.Decision-Making with with(predicate) AnalysisThrough the lend oneself of Cost Benefit Analysis, the city of Sanford City Management and board of county commissi unrivaledrs addressed the costs and benefits to the project at a time when the economy was starting to take a downturn. It was therefore little to evaluate the project thoroughly and determine the feasibility of the costs to the city budget. Though cost benefit analysis probably could be outperform used in making quick and simple financial decisions (Mind Tools, 2012), one sure as shooting can take away from this process the brainstorming problematic in the initial decision making. Surely the city managers involved in the development of the city of Sanford Riverwalk Project addressed the needs of the community prior to development of the project. In fact, knowing the citys history is unfavorable in understanding the incision of Parks and Recreations focus on implementing such a plan.The City of Sanfords focus on economic harvest-feast and the revitalization of the historic riverfront for which it is best known for is just one mannikin of its efforts. Sanfords focus on community development is clearly shown in its commitment to leisure activities designed to aroused city residents quality of life. Although the city is known for its charming and traditional 19th coke down town area, it is also be coming more available to adjoining communities through its vibrant and fast paced interstate corridor. This corridor is best known to travelers from out of town by way of the Orlando Sanford International Airport as well as through the surrounding interstate ( thermionic vacuum tube Orlando Economic Development Commission, 2009).It is clear that city managers focused on the development of the city in implementing the projects that would not tho enhance the quality of life of residents, but also with the economic body process would also help mitigate the city through recognition by also providing advantages. In this case the benefits of implementing the city projects far outweighed the cost, and showed to be operable enough to implement through use of federal grants such as the Community Development Block Grants and through partnerships with County Government in providing strong packages for such projects as these.The Role of Economic TheoryEconomic theory is an essential part i n economic research, and even more so when discussing the development of city projects. The idea that the implementation of policies in budgetary issues would improve peoples lives is attractive to budget administrators and city administrators alike (Varian, 1989). In fact, it is most useful for evaluating the answers to common problems faced by local organizations. The find factor is based on the approach taken to evaluate the forcefulness of the project.The use of Cost Benefit Analysis in City Projects , such as the Sanford Riverwalk, provides strategic analysis and planning of the recreational incentives for city residents. The city is based around surrounding popular cities known for their parks and recreation. The City of Altamonte Springs, Daytona Beach, and the City of Orlando are known for their state parks and touristic areas. Because the development of such a project would contribute to a competitive market and enhance the face value of the city, it is part of the overal l analysis of the research conducted on this particular project.Influence of Economic TheoryEconomic theory was certainly influential in cost benefit analysis of this project. After all, in considering the allocation of resources and funds to be contributed to this particular project it is important to consider how the implementation of policies and use of budgetary items contribute to the enhancement of daily living. In addressing economic developments for the city it is critical to permit processes of analysis and improvements that provide a service to the development of the community and provide the ability to meet the Department representatives to discuss site specific development issues (City of Sanford Government, 2011).Reports generated over the yrs swear the economic impact generated in the city in this past year to reflect over $15 million (City of Sanford Government, 2011), thus another guinea pig of the economic influence to the citys development of said project. In th e long run, the use of cost benefit analysis in development of community projects is a relatively easy tool that can be used to decide if a change is necessary in the community. friendship of economic theory and the influence of that theory on the analysis of project development is essential in determining if the project will be effective and feasible for the local government.ReferencesCity of Sanford Government. (2011). City Managers 2012 Annual Report . Sanford City of Sanford. Metro Orlando Economic Development Commission. (2009). Sanford Stats. Orlando Metro Orlando Economic DevelopmentCommission. Mind Tools. (2012, December 10). Retrieved from Mind Tools http//www.mindtools.com/pages/article/newTED_08.htm Varian, H. R. (1989). What use is Economic Theory? University of California at Berkeley.