Publication: Decision-making framework with theapplication of cost benefit analysisfor flood mitigation measures
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Date
2023-03-01
Authors
Zuriyati Binti Yusof
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Abstract
Flood scenarios often have negative impacts on economic activity and the
economic activity will be paralyzed if the flood phenomenon is not dealt clearly,
effectively and consistently. Past studies have highlighted that the hydrodynamic
modelling used in engineering analysis is the tool used to evaluate flood protection
under current conditions and with mitigation plans. Therefore, flood protection has
always received considerable attention, resulting in significant flood protection
investment. In order to balance up the need between the society and the environment,
it is crucial for the decision maker to comprehend that every alternative available has
an opportunity cost. Concerning that, as to pertain sustainable development, it is
important to examine the costs and benefits of an investment involving the flood
management.
This study recommends that, flood engineering analysis to be conducted along
with Cost Benefit Analysis (CBA) to evaluate the effectiveness of the flood
mitigation project in terms of finance, social and environmental impact. The purpose
of CBA is to determine the reliability of any investment opportunity and provide
fundamentals for making comparisons with other flood mitigation proposals. The main
contribution of the study is therefore to facilitate the decision-making process for flood
mitigation project implementation more efficient and effective. In order to achieve the
research objectives, mixed method of both quantitative and qualitative evaluation were
carried out. The evaluated engineering analysis through hydrodynamic modelling will therefore be the main input for the decision-making process that looks into the cost
and benefit of it. CBA performed for flood mitigation measures of river improvement
and flood wall provides the B/C ratio of 1.00 is a beneficial project when the benefits
outweigh the costs and generate an increase in economic welfare. Therefore, it shows
how CBA is quantified by the social advantages and disadvantages of alternative
options in terms of a common monetary valuation. The study provides a basic
understanding of CBA as the decision-making tools, despites the constraints and
limitations of quantifying the flood protection strategy in monetary terms. CBA is also
helpful in planning efficiently and strategically especially when resources are limited.
This study also demonstrates that when combined with economic analysis, engineering
analysis can provide rational information for the decision-making process as a whole
in the flood management decision-making framework.