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| Author: | Miller, E. M. |
| Title: | The cutoff benefit-cost ratio should exceed one |
| Journal: | Engineering Economist
2001 : VOL. 46:4, p. 312-319 |
| Index terms: | BAYESIAN STATISTICS COST BENEFIT ANALYSIS ENGINEERING INDUSTRY PROJECTS |
| Language: | eng |
| Abstract: | The engineering economies textbooks rule of accepting all projects with a benefit-cost ratio in excess of one worth fails to consider the bias introduced from there being typically more poor projects than good projects. Bayesian statistics provides an analytical solution to the problem of combining prior information with an engineer's estimates. |
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