The introduction to economic evaluation and benefit analysis can help us quantify and assess the economic benefits of a project or decision-making. Economic evaluation refers to the measurement of the economic viability and impact of projects or economic data collection and analysis related to decision-making. Benefits analysis is a methodology for quantitative analysis and assessment of the benefits of a project or decision based on economic evaluation. This paper will elaborate on basic concepts, methods and applications of economic evaluation and benefit analysis. The basic concept of economic evaluation refers to the process of assessing and determining the economic feasibility of a project or decision-making. Economic evaluation can be done from multiple perspectives, such as cost-benefit analysis, cost-effectiveness analysis, etc. Of these, cost-benefit analysis is the most commonly used method. In conducting economic evaluations, a range of economic data needs to be collected and analysed, such as project investment costs, operating costs, returns, etc. The analysis of these data allows for economic efficiency indicators for a project, such as net present value, return on investment, etc. These indicators can provide policy makers with a visual reference to determine whether a project is economically viable. The underlying conceptual benefit analysis for benefit analysis is a methodology for quantitative analysis and assessment of the benefits of a project or decision based on economic evaluation. Benefits analysis typically involves multiple benefits, such as economic, environmental and social benefits. A quantitative analysis of these benefits could provide policymakers with a comprehensive assessment. In carrying out benefit analysis, benefits usually need to be translated into monetary units, which will facilitate comparison with costs. Common benefits conversion methods include benefits with direct cash flows, shadow price methods, implied price estimation methods, etc. The total benefits of a project or decision can be derived from the application of different benefit conversion methods. The cost-benefit analysis of the cost-benefit analysis of the economic evaluation and benefit analysis methodology is a way of comparing the costs and benefits of the project. The investment costs of the project, including construction, equipment, operation and so on, need to be estimated first. The project is then converted into a monetary unit by estimating its benefits, such as income, reduced costs, etc. Finally, the economic viability of the project is assessed by calculating indicators such as the net present value of the project, return on investment, etc. A utility analysis is a method of assessing the benefits of a project or decision-making. Different benefits need to be quantified and estimated in the utility analysis and converted into utility units. The overall utility of a project or decision can be derived by weighting different benefits. Use analysis typically includes concepts such as marginal utility, marginal cost, etc., which can help decision makers make optimal choices. The application of economic evaluation and benefit analysis is widely applied in such areas as project management and investment decision-making. In project management, economic evaluation can help us assess the return on investment of a project and determine whether it is worth doing. An assessment of the economic viability of the project would provide a basis for decision-making for managers. In investment decisions, economic evaluation and benefit analysis can help investors compare and select different investment items. By assessing the economic benefits of different projects, investors can be helped to identify the most valuable investment projects. In addition, economic evaluation and benefit analysis can be used for public policy formulation and assessment. By analysing the economic benefits of policies, the impact on society and the economy can be judged, thus informing government decision-making. The concluding economic evaluation and benefit analysis are methods of assessing the economic feasibility and effectiveness of a project or decision. Through economic evaluation and benefit analysis, available to policymakers
