This paper provides a summary of cost-benefit and cost-effectiveness analyses and their potential importance for decision making. The extent to which these tools are actually used, the possible connections between meta-analysis and cost-effective analysis, and the connection between effect sizes and benefit-cost ratios are discussed. (JAZ)

A program can be evaluated, and a cost-benefit ratio can be calculated to five decimal places, without ever directly examining outcomes. A useful vocabulary in economics and an understanding of the concepts involved is provided evaluators by an economist. (Author/RL)