Every manager devotes considerable time and effort to planning for the future, and every plan is concerned primarily with allocating scarce resources. This book explains a process which will aid the manager in making resource allocation decisions. This method of approaching a complex problem of choice is called Economic Analysis. Economic Analysis concerns the basic problem of economic choice (value received for value sacrificed) and as such, is applied by each of us implicitly and informally whenever we make a decision in the marketplace. For example, when we buy a car we do not take the first one we see. We look around until we find a model that suits our needs and our pocketbooks. In effect, we make an economic analysis, even if we don't call it that. This book was written in order to establish a procedural routine for personnel who have little or no experience with economic analyses. It will also be of value to those supervisors and functional managers who must initiate or review economic analyses. While the technique described throughout the book can be easily applied to all types of investment problems, the scope of this book is limited to economic problems of choice within the ADP arena.

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