Economic Evaluation Process Research Articles

Socioeconomic per-case costs of stroke, myocardial infarction, and preterm birth attributable to air pollution in Sweden.

Incident cases of stroke, myocardial infarction, and preterm birth have established exposure-response functions associated with air pollution. However, there are no studies reporting detailed costs per case for these health outcomes that are adapted to the cost-benefit tools that guide the regulation of air pollution. The primary objective was to establish non-fatal per-case monetary estimates for stroke, myocardial infarction, and preterm birth attributable to air pollution in Sweden, and the secondary objective was to ease the economic evaluation process of air pollution morbidity effects and their inclusion in cost-benefit assessments. Based on recommendations from the literature, the case-cost analysis considered direct and indirect medical costs, as well as production losses and informal costs relevant for the calculation of the net present value. A literature search was conducted to estimate the costs of each category for each incident case in Sweden. Informal costs were estimated using the quality-adjusted life-years approach and the corresponding willingness-to-pay in the Swedish population. The total average per-case cost was estimated based on specific health outcome durations and severity and was discounted by 3.5% per year. Sensitivity analysis included varying discount rates, severity of health outcome, and the range of societal willingness to pay for quality-adjusted life years. The average net present value cost estimate was €2016 460k (185k-1M) for non-fatal stroke, €2016 24k (16k-38k) for myocardial infarction, and €2016 34k (19k-57k) for late preterm birth. The main drivers of the per-case total cost estimates were health outcome severity and societal willingness to pay for risk reduction. Varying the discount rate had the largest effect on preterm birth, with costs changing by ±30% for the discount rates analysed. Because stroke, myocardial infarction, and preterm birth have established exposure-response functions linking these to air pollution, cost-benefit analyses should include the costs for these health outcomes in order to adequately guide future air pollution and climate change policies.

An Investment Decision Model for Underground Urban Utility Tunnel Based on MIVES and Real Option Theory from a Sustainable Perspective

Although the importance of urbanization, urban renewal and sustainable development have been increasingly recognized, with the accelerating process of urbanization, the urban above-ground space is no longer sufficient for the process of urbanization, and downward development of the city has become inevitable. Underground Urban Utility Tunnel (UUUT) is an effective measure to promote the sustainable development of urban underground space (UUS). However, decision makers still cannot fully consider the economic, social, environmental and technological factors, as well as the future risks of the project and the value of flexibility in management. In this paper, an investment decision model for UUUT is proposed that combines the Integrated Value Model for Sustainable Assessment (MIVES) and the real option theory, which comprehensively considers the social, economic, environmental and technological impacts, and assists the government in carrying out the investment decision analysis of UUUT from a sustainability perspective by applying the real option theory to the economic evaluation process. The primary process of this study can be divided into four steps. (1) establishment of the investment decision index system for UUUT; (2) determination of the quantitative criteria for each indicator; (3) calculation of the feasibility of UUUT; and (4) a case study to demonstrate the feasibility of the proposed model, as well as the achieved results. The proposed investment decision model can be used as an auxiliary tool in the early planning stage of UUUT, and also for the comparison and selection of different options for UUUT.

Procedure for Assessing the Suitability of Battery Second Life Applications after EV First Life

Using batteries after their first life in an Electric Vehicle (EV) represents an opportunity to reduce the environmental impact and increase the economic benefits before recycling the battery. Many different second life applications have been proposed, each with multiple criteria that have to be taken into consideration when deciding the most suitable course of action. In this article, a battery assessment procedure is proposed that consolidates and expands upon the approaches in the literature, and facilitates the decision-making process for a battery after it has reached the end of its first life. The procedure is composed of three stages, including an evaluation of the state of the battery, an evaluation of the technical viability and an economic evaluation. Options for battery configurations are explored (pack direct use, stack of battery packs, module direct use, pack refurbish with modules, pack refurbish with cells). By comparing these configurations with the technical requirements for second life applications, a reader can rapidly understand the tradeoffs and practical strategies for how best to implement second life batteries for their specific application. Lastly, an economic evaluation process is developed to determine the cost of implementing various second life battery configurations and the revenue for different end use applications. An example of the battery assessment procedure is included to demonstrate how it could be carried out.

Engaging Patients and Caregivers in an Early Health Economic Evaluation: Discerning Treatment Value Based on Lived Experience.

Traditionally, economic evaluations have engaged clinicians and policymakers; however, patients and their caregivers have insight that can ensure that the economic evaluation process appropriately reflects disease consequences and adequately addresses their priorities related to treatment. We aimed to identify patient priorities to inform an early economic evaluation of chimeric antigen receptor T-cell therapy for adults with relapsed or refractory B-cell acute lymphoblastic leukemia. We conducted two online group discussions of four participants each, involving patients with experience of hematological cancer and a caregiver. We used an adapted version of the nominal group technique, a consensus-building discussion approach, to generate focused qualitative data. Patients and a caregiver acknowledged both the costs directly related to clinical care, such as the out-of-pocket cost of drugs, and the indirect treatment costs, such as the cost of transport, accommodation, and food. The emotional and physical toll of treatment and the influence of treatment on employment and education were additional costs emphasized by participants. Treatment benefits prioritized by participants included the efficacy of treatment, manageable side effects, improved quality of life, accessibility of treatment, and short treatment duration. Engaging patients and caregivers in an early economic evaluation could help identify additional costs and benefits of therapies that are not typically recognized in economic evaluations but have the potential to increase the commercial viability of novel therapies. This research also demonstrates how patients and caregivers can be engaged at different levels in the development of early economic evaluation models.

Optimization and energy assessment of technological process for CO2 capture system of natural gas and coal combustion

Flue gas stream generated from combusted natural gas, petroleum, and coal in power plants contains enormous CO2 with detrimental effects on the environment. CO2 capture systems must be integrated into these power plants to prevent emissions of CO2 into the open atmosphere. This work uses rate-based process modelling and a parametric design approach to optimally design large-scale amine-based PCC and compression systems that can be integrated into real 550 MW coal-fired and 555MW NGCC fired power plants. A comparative analysis of energy and economy is also conducted. Based on monoethanolamine (MEA), the process parameters of the post-combustion capture and compression system for CO2 were used as the study baseline. Different amines and alternative flow scheme optimization of the post-combustion capture with compression models are developed for coal and natural gas combined cycle (NGCC) cases and their energy consumption performances compared. Also, the operating and capital costs of the CO2 Capture and Storage (CCS) plant are determined for the overall process of economic evaluation concerning technical and economic performance parameters. The results show that rich solvent cooled recycle (RSR) and lean vapour compression (LVC) process modification under the integration case of CO2 capture and compressed Coal, energy savings of 20.4%, 41.8% and 34.8% for MEA, piperazine activated methyldiethanolamine solution (MDEA+PZ) and piperazine activated monoethanolamine (MEA+PZ) respectively, is possible when compared with the basic situation of MEA. RSR+LVC process modification under the integration case of CO2 capture and compressed NGCC, energy savings of 18.9%, 35.4% and 34.4% for MEA, MDEA+PZ and MEA+PZ, respectively, is possible when compared with the basic situation of MEA. Economic performance: the total annual operating costs of MDEA+PZ, RSR+LVC technological process optimized for the coal case was reduced by approximately 30% compared with the basic situation of MEA, while that for the NGCC case was reduced by 19%. The cost of CO2 avoided for the coal used MDEA+PZ into RSR+LVC technological process optimized capture is decreased by 13% compared with coal captured in MEA basic situation. For the NGCC cases, the cost of CO2 avoided for the NGCC of MDEA+PZ, RSR+LVC process optimized capture is decreased by 7% compared with NGCC with MEA basic case capture.

General considerations for linkedin of an electric technology buses in the transport systems – test results of an fully electric articulated bus (18 meters) from Bogotá to Pereira city, Colombia

The introduction to new technologies in the different land of transportation system represents a great opportunity for the academy, opening up space for applied research that evaluates from different angles, factors that are part of the processes and consequences that implicitly may come hand in hand with these.
 With this study a review of general aspects linked to operation of a fully electric articulated bus in the travel from Bogotá to Pereira, Colombia
 This travel was started on early morning October 13, 2019, since the start point it has been monitoring the energy consumption for that make up the OPEX (Operational expenditures), in order to give a concept that is valid input information in the technical and economic evaluation process for change the buses in transport intercity systems, as a comparison is built with previous scientifically proven records for other diesel and hybrid articulated bus technologies.
 

Economic Evaluation of Petroleum Projects (Basic Aspects)

Economic Evaluation is an essential step for assessing and studying and selecting new Petroleum Projects which involve different activities. This article presents basic aspects related to the Economic Evaluation Process such as concepts and requirements as well as the nature of Petroleum Projects. Particular focus was given to the new roles and skills and tools that are needed to achieve reasonable study of any Petroleum Project proposal.

Rapid economic evaluation technology for oil and gas development projects in Africa

Africa is a key area for overseas oil and gas investment cooperation due to the low degree of oil and gas exploration and great resource potential. All oil and gas resource countries have certain common characteristics in contract modes, fiscal and tax terms, economic conditions, infrastructure and bidding methods. A theoretical system of rapid economic evaluation technology suitable for the characteristics of Africa can be established to provide the methods and basis for investment decisions of oil and gas development projects in Africa. In this paper, on the basis of a systematic study on oil contract modes in Africa and the legal terms, sales market, actual operations and evaluation and prediction parameters to be focused on, an economic evaluation index system has been established, including analysis framework establishment, financial benefit analysis and uncertainty analysis; finally, an oil and gas development project in Africa is taken as an example to verify the above-mentioned rapid economic evaluation technology. This technology system is applicable to economic evaluation of most oil and gas development projects in Africa, covering the possible factors, scenarios and problems in the process of project evaluation, facilitating the realization of a rapid and effective economic evaluation process and the achievement of scientific and reasonable results.

SEEP-CI: A Structured Economic Evaluation Process for Complex Health System Interventions.

The economic evaluation of health system interventions is challenging, and methods guidance on how to respond to these challenges is lacking. The REACHOUT consortium developed and evaluated complex interventions for community health program quality improvement in six countries in Africa and Asia. Reflecting on the challenges we faced in conducting an economic evaluation alongside REACHOUT, we developed a Structured Economic Evaluation Process for Complex Health System Interventions (SEEP-CI). The SEEP-CI aims to establish the threshold effect size that would justify investment in a complex intervention, and provide an assessment to a decision-maker of how likely it is that the intervention can achieve this impact. We illustrate how the SEEP-CI could have been applied to REACHOUT to identify outcomes where the intervention might have impact and causal mechanisms, through which that impact might occur, guide data collection by focusing on proximal outcomes most likely to illustrate the effectiveness of the intervention, identify the size of health gain required to justify investment in the intervention, and indicate the assumptions required to accept that such health gains are credible. Further research is required to determine the feasibility and acceptability of the SEEP-CI, and the contexts in which it could be used.

ЕКОНОМІЧНА ОЦІНКА ІНТЕНСИВНОГО ХАРАКТЕРУ ВИРОБНИЦТВА В УМОВАХ РОЗВИТКУ ПРИРОДНОГО СЕРЕДОВИЩА

This article discusses the methodical approach to definition of the influence of the process of intensification of social production on the economic assessment of natural resources. At the same time when assessing the impact are taken into account as different directions of intensification, as well as the process of intensification of production in general. The purpose of the research is an economic assessment of the intensive nature of production in the conditions of the development of the natural environment. The object of the research is the process of economic evaluation of the intensive nature of production in the conditions of the development of the natural environment. The methods used of the research are scientific, logical, and retrospective. The hypothesis of the research is the emergence of a system of contradictory relations both between different types of intensive use of resources, and between them and the process of environmental production. The statement of basic materials. The influence of each type of intensification on the economic evaluation of natural resources is considered. Intensification of cumulative social labor has two main directions: the intensification of living labor (in its quantitative and qualitative forms) and past work, which is substantiated in the means of production (also in two forms). Intensification of means of production coincides with the intensification of social labor. The originality and practical significance of the research. The peculiarity of the article is to assess the intensification of production specifically for the natural environment of the regions of North Russia. Conclusions of the research. It is necessary to distinguish the environmental consequences of the process of intensifying production, depending on its orientation on various objects, that is, the effects of labor, fund and resource-saving on-lines intensification.

An Expert System for Metal Resources Exploration and Mining Feasibility Evaluation

The development process of Metal Resources Technical and Economic Evaluation Expert System (MRTEEES) is introduced in the aspects of requirements analysis, design of the expert system, main functions of the expert system and features of the expert system. The system is based on C/B/S mixed mode and uses ASP.NET technology with .Net Framework being chosen as the development platform and metal resources database providing data support at the bottom layer. The system is an auxiliary management system for metal resources technical and economic evaluation and has the basic functions of auxiliary decision analysis, metal resources database management, data management and comprehensive query. Technical and economic evaluation model can be set up by users independently according to at which stage a project is, mainly including exploration stage, development stage and production stage, and according to the mining methods, for example underground mining, surface mining and in-situ leaching mining. Then, the technical and economic evaluation parameters can be generated. By inputting the value of each parameter in a simple and convenient way, the evaluation results can be directly calculated out and shown in the form of diagrams among others, and feasibility evaluation report can also be automatically generated, making the technical and economic evaluation process accurate and efficient. As the system can achieve the functions of scenario analysis, sensitivity analysis, shareholder’s returns analysis, horizontal comparison of different projects, it can improve the ability of project senior decision makers for rapid response to the rival and meet the demand of pricing negotiations.

Cost-effectiveness and cost-benefit analysis on strategy for preventing mother-to-child transmission of hepatitis B virus

Through cost-benefit analysis (CBA), cost-effectiveness analysis (CEA) and quantitative optimization analysis to understand the economic benefit and outcomes of strategy regarding preventing mother-to-child transmission (PMTCT) on hepatitis B virus. Based on the principle of Hepatitis B immunization decision analytic-Markov model, strategies on PMTCT and universal vaccination were compared. Related parameters of Shenzhen were introduced to the model, a birth cohort was set up as the study population in 2013. The net present value (NPV), benefit-cost ratio (BCR), incremental cost-effectiveness ratio (ICER) were calculated and the differences between CBA and CEA were compared. A decision tree was built as the decision analysis model for hepatitis B immunization. Three kinds of Markov models were used to simulate the outcomes after the implementation of vaccination program. The PMTCT strategy of Shenzhen showed a net-gain as 38 097.51 Yuan/per person in 2013, with BCR as 14.37. The universal vaccination strategy showed a net-gain as 37 083.03 Yuan/per person, with BCR as 12.07. Data showed that the PMTCT strategy was better than the universal vaccination one and would end with gaining more economic benefit. When comparing with the universal vaccination program, the PMTCT strategy would save 85 100.00 Yuan more on QALY gains for every person. The PMTCT strategy seemed more cost-effective compared with the one under universal vaccination program. In the CBA and CEA hepatitis B immunization programs, the immunization coverage rate and costs of hepatitis B related diseases were the most important influencing factors. Outcomes of joint-changes of all the parameters in CEA showed that PMTCT strategy was a more cost-effective. The PMTCT strategy gained more economic benefit and effects on health. However, the cost of PMTCT strategy was more than the universal vaccination program, thus it is important to pay attention to the process of PMTCT strategy and the universal vaccination program. CBA seemed suitable for strategy optimization while CEA was better for strategy evaluation. Hopefully, programs as combination of the above said two methods would facilitate the process of economic evaluation.

Commentary on Crowley et al.’s Research Priorities for Economic Analysis of Prevention

Economic theory provides a textbook ideal for how to conduct efficiency analysis that determines optimal resource allocation. The real world is not, however, an ideal place. This article suggests that common sense should be allowed to temper zealous commitment to textbook ideals. The spirit and the process of economic evaluation may be as important as the "final answer" expressed as a summary statistic.

Techno-Economic Evaluation of Exploration & Production

ABSTRACTOil and gas producing industry, which is extractive in nature, involves activities related to acquisition of minerals interests in properties, exploration, development and production of oil and gas. Oil and gas companies consist of many types of activities before it starts its operation in the field. It involves bidding procedure, acquiring mining lease, petroleum exploration license (PEL). It consists of high risk and uncertainties which may cause financial distress for a company. The aforesaid activities are collectively referred to an upstream operation and form the ‘Upstream Petroleum industry’.  The industry is commonly referred to as the E&P industry.In order to assure the receipt of fair market value for oil and gas asset economic evaluation is performed. Economic evaluation consists of the assessment of oil and gas resources the valuation of resources in the market and the use of evaluation in considering the bid, exchange offer or other action. Full development of all three components of economic evaluation is essential if it is to be successful evaluation. Evaluation process embraces a range of procedures which, when applied to available data leads to an estimation of the right’s and property’s value. So to quantify the risk and uncertainties a good economic evaluation process is needed. There are many economic evaluation processes. Among the existing economic evaluation processes, which one is the best, is the main motto of our study.The study discusses different method of economic evaluation like Internal Rate of Return (IRR), Net Present Value (NPV), discounted payback period, etc. This report also consist some example on various methods. These methods does not account for risk and uncertainties. A trivial change in predictions alters the whole calculation of profit and loss and may compel the company to be great loser. Now to analyze the risk and uncertainties, Risk analysis is necessary. In this report we have included Sensitive analysis, Decision Tree and Monte Carlo simulation. At the end of the report analysis is broadly given in support of the best method of economic.                                             Key Words: Simulation, Economic Evaluation, SensitiveÂ

Economic Analysis of Liquefied Natural Gas Floating Production Storage and Offloading Plant (LNG FPSO) Using Probabilistic Approach

The global yearning for clean and safe environment coupled with the need of monetizing stranded gas fields to meet the growing demand of Natural gas in the world today has called for understanding of the range of potential for commercial realization of Liquefied Natural Gas Floating Production Storage and Offloading Plant (LNG FPSO). This places a heavy burden on the economic evaluation process which will give the maximum insight into the basis for a decision to invest or not to invest in the LNG FPSO. An economic analysis of 5.2 million tonnes per annum (MTPA) LNG FPSO plant was undertaken. A Monte Carlo simulation method was adopted in this study through the use of Crystal Ball Software. The key uncertainties were represented and their respective impacts on economic viability defined. The deterministic model results obtained from the studies were very impressive with Net Present Value of $2.3 billion at a discount value of 15% and Internal Rate of Return at 32.68%. Probabilistically, 74.96% certainty of having a positive net present value (NPV) and good IRR values far above the hurdle rate for investment in Nigeria was obtained. These clearly showed that LNG FPSO is profitable. Certainty of payback period of not exceeding 5 years was obtained to be 55.89%. Key words : LNG FPSO; Offshore LNG liquefaction; Probabilistic approach; Sensitivity analysis; Economic yardstick

A systematic review of economic evaluations of health and health-related interventions in Bangladesh

BackgroundEconomic evaluation is used for effective resource allocation in health sector. Accumulated knowledge about economic evaluation of health programs in Bangladesh is not currently available. While a number of economic evaluation studies have been performed in Bangladesh, no systematic investigation of the studies has been done to our knowledge. The aim of this current study is to systematically review the published articles in peer-reviewed journals on economic evaluation of health and health-related interventions in Bangladesh.MethodsLiterature searches was carried out during November-December 2008 with a combination of key words, MeSH terms and other free text terms as suitable for the purpose. A comprehensive search strategy was developed to search Medline by the PubMed interface. The first specific interest was mapping the articles considering the areas of exploration by economic evaluation and the second interest was to scrutiny the methodological quality of studies. The methodological quality of economic evaluation of all articles has been scrutinized against the checklist developed by Evers Silvia and associates.ResultOf 1784 potential articles 12 were accepted for inclusion. Ten studies described the competing alternatives clearly and only two articles stated the perspective of their articles clearly. All studies included direct cost, incurred by the providers. Only one study included the cost of community donated resources and volunteer costs. Two studies calculated the incremental cost effectiveness ratio (ICER). Six of the studies applied some sort of sensitivity analysis. Two of the studies discussed financial affordability of expected implementers and four studies discussed the issue of generalizability for application in different context.ConclusionVery few economic evaluation studies in Bangladesh are found in different areas of health and health-related interventions, which does not provide a strong basis of knowledge in the area. The most frequently applied economic evaluation is cost-effectiveness analysis. The majority of the studies did not follow the scientific method of economic evaluation process, which consequently resulted into lack of robustness of the analyses. Capacity building on economic evaluation of health and health-related programs should be enhanced.

Real options evaluation of financial investment in flexible manufacturing systems in the automotive industry

With increasing technology advancement and global economic cooperation and competition, leading companies in the automotive industry are now refocusing on better operational performance through advanced technology, as well as being competitive, flexible and responsive to changing market conditions. Flexible Manufacturing Systems (FMSs) have once again become highly desirable in the configuration of high performance manufacturing systems for strategic manufacturing capability planning to achieve sustainable growth and market responsive production. Due to large investment requirements and long-term implications, the economic evaluation of financial investment in FMSs remains an important and challenging issue for strategic business planning and capital allocation. The research within illustrates an economic evaluation process for financial investments in an automobile engine plant for flexible production capability. Because of the application of advanced manufacturing technology and equipment with FMSs, the initial investment is relatively large and additional investment is needed to expand production capability to capture future growth opportunities. Since traditional Net Present Value (NPV) analysis alone may not fully justify the investment decision, real options analysis was, therefore, applied to evaluate the investment project in two phases, with the expansion investment viewed as a real option. Its exercise will depend on the initial investment and future market developments.

Real Time Optimization: Classification and Assessment

Summary The Real-Time Optimization (RTO) Technical Interest Group (TIG) has endeavored to clarify the value of real-time optimization projects. RTO projects involve three critical components: People, Process, and Technology. Understanding these components will help establish a framework for determining the value of RTO projects. In this paper, the Technology component is closely examined and categorized. Levels within each Technology category are illustrated by use of spider diagrams, which help decision makers understand the current status of operations and the future RTO status. The perception of uncertain value has been one of the critical issues in adopting RTO systems in our industry. Therefore, case histories are reviewed to demonstrate the impact of RTO projects. To assist RTO project promotion further, we list lessons learned, suggest a justification process, and present a simple example of an economic-evaluation process. Introduction Industry case histories demonstrate many types of benefits from RTO such as production-volume increase; better return on investment (ROI); higher decision quality; health, safety, and environment (HSE) improvements; and operational expenditures (OPEX) reduction. However, they have lacked systematic project-evaluation processes for justification. Today, promoting RTO is, in essence, a competition for capital within a company. The project teams that recognize this fact and then clearly outline the purpose, benefits, costs (direct or indirect), and strategic business alignment of their proposals will be in an advantageous position to secure funding. Because RTO is still an emerging discipline, classifying projects of this nature is still dependent on an individual's point of view. This paper provides classification of RTO to help provide a common vocabulary to address a multitude of issues.

Idiopathic- and scleroderma-related pulmonary arterial hypertension: outcomes and QOL on bosentan

Idiopathic pulmonary arterial hypertension (previously known as primary pulmonary hypertension) is a devastating disease of insidious onset, late diagnosis, progressive functional disability and poor prognosis. However, treatment with pulmonary arterial hypertension-specific agents has already changed the outlook wherever these agents are accessible. The process of economic evaluation of treatment for idiopathic pulmonary arterial hypertension is challenging due to limitations common to clinical studies in rare diseases, such as small patient numbers limiting survival information, lack of directly comparable trials for the efficacy of different drugs and a paucity of quality of life measurements. Bosentan (Tracleer®, Actelion), has proven effective in clinical trials, and is the most frequently used pulmonary arterial hypertension-specific agent worldwide. It has additionally undergone a comprehensive quality of life trial and economic evaluation as therapy for idiopathic pulmonary arterial hypertension and pulmonary arterial hypertension associated with scleroderma. This review explores the role of bosentan in providing cost-effective therapy compared with alternative treatments, and addresses the future considerations required to ensure accessible patient care for idiopathic pulmonary arterial hypertension and pulmonary arterial hypertension associated with scleroderma.

An overview of economic analysis for the practising gastroenterologist and hepatologist.

In this era of limited resources and regulation of health care, it is important for the practising clinician to understand the process of economic evaluation of health care practices. This review provides an overview of economic analysis for the practising gastroenterologist and hepatologist, including information about costs and charges, and an explanation of the common types of economic analyses, and criteria for critically evaluating economic analyses in the literature.