A practical one-day workshop


14 March 2019 | Central London

Cost-benefit analysis is a vital part of any large-scale project, allowing an assessment of the financial, social and economic impact caused. Most organisations commonly go through some sort of CBA through applications for regulatory approval or funding, but these processes often neglect more precise and realistic modelling techniques.

This training course provides the opportunity to learn everything you will need to carry out effective cost-benefit analyses, the risk and uncertainty involved, and how to handle the various different types of information available. The skills you will gain will allow the administration of more accurate and reflective cost-benefit analyses through improved methods and processes.

Key Benefits of Attending

This one-day course INCLUDES

A formal understating of the key principles of cost-benefit analysis

Methods for quantifying costs and benefits

Expertise in dealing with risk and uncertainty

A practical example of building a simple cost benefit model

Exploration of the value of non-market impacts

Course Trainers


Dermot Glynn

Member, Competition Appeal Tribunal

Dermot Glynn

Chairman, Europe Economics

Dermot Glynn is a member of the Competition Appeal Tribunal and a Senior Adviser at Europe Economics. He has overseen the successful execution of a wide range of projects for a variety of public and private sector clients. Earlier in his career, Dermot spent time as Managing Director of another economics consultancy, Chief Economist at the accountancy firm KPMG, and Economic Director at the Confederation of British Industry.


Stephen Topping

Managing Consultant, Europe Economics

Stephen Topping is a Managing Consultant at Europe Economics who has over 18 years’ experience advising public and private sector clients across different sectors. He has extensive experience in the field of cost-benefit analysis and impact assessment. He has worked on secondment within Ofwat, Ofgem, Ofcom and the (then) OFT.

Course Agenda

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14 March 2019



Introduction to the course

  • Objectives of the training course
  • Programme and format for the day


Introduction to cost-benefit analysis

  • Aim of cost-benefit analysis
  • Importance to policy-makers and link to Impact Assessment
  • Importance to regulated utilities and infrastructure investment
  • Ex ante and ex post cost-benefit analysis
  • Guidance documents (including Treasury Green Book)


Basic issues in cost-benefit analysis

  • Defining the baseline
  • Identifying costs and benefits
  • Transfers and distributional impacts
  • Using market prices to value impacts
  • Taking account of inflation and relative price changes
  • Discounting
    • How to discount future impacts
    • What discount rate to use




How to deal with risk and uncertainty

  • The importance of thinking about risk and uncertainty
  • Scenario and sensitivity analysis
  • Monte Carlo analysis
  • Real options


Interactive break-out session: building a simple cost-benefit model

In this session, delegates will break into smaller groups to work on an interactive case study involving the building of a simple cost benefit model for an infrastructure investment project. 





In more detail: how to quantify costs and benefits

  • Challenges in quantifying costs and benefits
  • Methods of collecting data and analysing impacts
    • Stakeholder engagement
    • Market research
    • Behavioural experiments
    • Statistical analysis
    • Case studies
    • Modelling
  • Assessing the additionality of impacts
  • Adjusting for optimism bias


How to value non-market impacts

  • Why non-market impacts are important
  • Techniques for valuing non-market impacts
    • Using existing valuations
    • Stated preference
    • Revealed preference
  • Examples of how to value non-market impacts
    • Time savings
    • Carbon impacts
    • Other environmental impacts (e.g. noise, amenity)
    • Health impacts
    • Safety impacts




Interactive break-out session: valuing carbon impacts

Breaking into small groups, delegates will be given an interactive exercise relating to valuing the carbon impacts of a policy proposal


Summary and conclusions

  • Brief summary of what has been learned during day
  • Final opportunity to ask questions


End of course




save £100 Early Bird Until 01 March

£845.00 + VAT

Full Price £945.00 + VAT

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