A general definition of cost-benefit analysis states that it is:
"A practical way of assessing the desirability of projects, where it is important to take a long view (in the sense of looking at repercussions in the further, as well as in the nearer, future) and a wide view (in the sense of allowing for side-effects of many kinds on many persons, industries, regions, etc.), i.e. it implies the enumeration and evaluation of all the relevant costs end benefits" (Press end Turvey, 1965).
