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COST-BENEFIT ANALYSIS IN EXPLOITATION OF STONE

Cost-benefit analysis (CBA) is an economic decision-making approach, used in the assessment of whether a proposed project is worth doing. CBA involves comparing the total expected costs of each option against the total expected benefits, to see whether the benefits outweigh the costs, and by how much. In this study, besides analysis of other impacts, CBA was used in Environmental Impact Assessment (EIA) process of stone exploitation as an objective method enabling easier decision making about acceptance of the project. Evaluating of the project has been performed by determining the appreciable discounted net values (difference between total benefits and total costs) and immeasurable benefits and costs as a measure for the project acceptance. By financial analysis of appreciable parameters of the social benefits in particular EIA study, the positive results were determined, i.e. benefits for wider community will be larger than costs. By analysis of financially immeasurable parameters of social benefits, negative results were obtained, i.e. it was estimated that costs for wider community will be negligibly larger than benefits. Still, due to significantly larger financial measurable benefits for the society in comparison to costs, and negligibly larger financial immeasurable costs, it can be concluded that particular project of stone exploitation is acceptable from the CBA point of view.

Cost-benefit analysis; Environmental Impact Assessment; Stone exploitation; Decision making

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