Economic analysis of natural hazard mitigation using the Quick Economic Analysis Tool

Research output: Contribution to journalArticlepeer-review

Abstract

An effective way to reduce the impacts of natural hazards on communities is by mitigating the risks. However, mitigation requires time and resources, which are usually limited. To use resources effectively, planners and managers are best prepared when they know their options and which of these options provides the best value for money. When there is not enough information, or an analysis would take several months or years to complete, having access to quick economic analyses in weeks rather than months would be very useful. This paper describes a Quick Economic Analysis Tool, developed at the University of Western Australia, to conduct quick analyses. A case study is used of two prescribed burn annual rates and are compared with results of an in-depth analysis of the application of different prescribed burn annual rates over the long-term that took several years to complete. The results from the quick analysis, despite a few differences, were comparable to results from an in-depth analysis and provided enough information to determine the value for money that each prescribed burn annual rate generated. This study showed that the quick analysis tool would allow fire managers to identify options worthy of business cases and to capture the information needed to increase confidence in their decisions.

Original languageEnglish
Pages (from-to)48-55
Number of pages8
JournalAustralian Journal of Emergency Management
Volume35
Issue number4
Publication statusPublished - Oct 2020

Fingerprint

Dive into the research topics of 'Economic analysis of natural hazard mitigation using the Quick Economic Analysis Tool'. Together they form a unique fingerprint.

Cite this