Allocation of Environmental Remediation Funds Using Economic Risk-Cost-Benefit Analysis: A Case Study |
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| Authors: | Bruce R James Dale D Huff John R Trabalka Richard H Ketelle Craig T Rightmire |
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| Institution: | Bruce James is principle of BRIJ Risk Research. He has extensive experience in the application of decision/risk-cost-benefit analysis to environmental remediation and data-worth problems, particularly those in complex heterogeneous geological environments. He has a Ph.D. in geological engineering from the University of British Columbia. (BRIJ Risk Research, 1235 Sunset Dr., Saltspring Island, B.C., Canada, V8K 1E2).;Dale Huff is a senior staff scientist in the Environmental Sciences Division at ORNL, with active involvement in the Environmental Restoration Program. He has a Ph.D. in hydrology from Stanford University. (Oak Ridge National Laboratory, P.O. Box 2008, Oak Ridge, TN 37831-6400.);John Trabalka is a senior staff scientist in the Chemical Technology Division at ORNL. He has a wide range of research interests ranging from biogeochemistry to health physics. Trabalka has a Ph.D. in environmental health sciences from the University of Michigan. (Oak Ridge National Laboratory, P.O. Box 2008, Oak Ridge, TN 37831-6228.);Richard Ketelle is a hydrogeologist in the Energy Division of ORNL and is presently the groundwater manager at ORNL. He has an M.S. in geology from the University of Tennessee. (Oak Ridge National Laboratory, P.O. Box 2008, Oak Ridge, TN 37831-6185.);Craig Rightmire is a hydrogeologist in the Environmental Sciences Division at ORNL. He is presently manager of the Energy Systems Groundwater Program Office. Rightmire has an M.A. in geology from the Univeristy of Texas, Austin. (Oak Ridge National Laboratory, P.O. Box 2008, Oak Ridge, TN 37831-6400.) |
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| Abstract: | Efficient allocation of remediation resources is a critical need throughout the nation. Economic risk-cost-benefit analysis is an important tool for meeting this need. This paper provides site engineers, geologists, and managers with a conceptual understanding of economic risk-cost-benefit analysis and shows how it can be applied, even in situations where existing data are sparse or poor in quality. An example analysis is applied to the remediation of radioactive waste at Oak Ridge National Laboratory, in which the cost-effectiveness is compared for two remediation alternatives: containment of the waste or monitoring only. A data-worth analysis is also carried out to estimate the maximum justifiable exploration budget and the cost-effectiveness of two proposed data collection programs. Results indicate that the methodology has potential in making robust remediation decisions regarding certain types of questions. |
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