cbkb.org

Website:https://www.vera.org/projects/cost-benefit-knowledge-bank-for-criminal-justice/
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Definitions (37)

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glossary


Average costs
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benefit-cost analysis


Refer to cost-benefit analysis
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benefit-cost ratio


This summary measure directly compares benefits and costs. To calculate, divide total discounted benefits by total discounted costs. A BCR greater than 1 means the benefits outweigh the costs and the investment should be considered. If the ratio is less than 1, the costs outweigh the benefits. If the BCR is equal to 1, the benefits equal the costs. [..]
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capital cost


The cost of purchasing and/or developing tangible property, including durable goods, equipment, buildings, installations, and land. This cost includes any interest paid on the funds borrowed to finance a capital expense.
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contingent valuation


A method that uses surveys to estimate the monetary value of something that is not commonly traded in the marketplace, such as environmental preservation or crime reduction. For example, a contingent-valuation survey might ask individuals what they are willing to pay for a reduction in crime. (To read more, see the Victim Costs
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cost analysis


A type of economic analysis which provides a complete accounting of the costs related to a given policy or program. Cost analysis provides the most rudimentary cost information required by both decision-makers and practitioners, and also serves as the foundation of all other economic analyses. (To read more, see the Types of Economic Analysis
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cost-benefit analysis


Also known as benefit-cost analysis (BCA). A type of economic analysis that compares the costs and benefits of policies and programs over a long term. The hallmark of CBA is that both costs and benefits are monetized, allowing the comparison of initiatives with different purposes and outcomes. (To read more, see the Types of Economic Analysis
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cost-effectiveness analysis


A type of economic analysis that compares the costs relative to the outcomes of programs and policies. Cost-effectiveness analysis indicates which option produces a desired outcome for the lowest cost. (To read more, see the Types of Economic Analysis
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cost-of-illness approach


A method that measures tangible victim costs, such as medical costs and lost earnings, using information from hospital databases and typical salary rates. (To read more, see the Victim Costs
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direct costs


Costs that are directly related to a specific activity. General categories of direct costs include but are not limited to salaries and wages, fringe benefits, supplies, contractual services, travel and communication, equipment, and computer use.
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