# EXAM PAPER - Assignment Example

Summary
of submission The travel cost analysis is an economic valuation method that is used in the analysis of cost benefit in calculating the value of a product or something which can’t be obtained using the market prices. This method calculates the willingness to pay for a certain price facility that is constant…

## Extract of sample "EXAM PAPER"

Download file to see previous pages The steps that I would take are as follows. The first step is to collect the travel cost and the visitation information or rather the data. Direct costs are the costs used in this method. They are the costs which are normally related to the whole process of visiting the National Botanic Gardens directly. The costs of fuel, accommodation, food, and all other expenses that will be required in the whole process are used. It is very important to ensure that all the travel costs to the National Botanic Gardens are represented in the calculation. The next thing is the travel time. A lot of weight should be given on this area. The appropriate value to assign to the travel time should be considered very carefully. It should be the wage rate when people do not have the option to work during the weekends. The children should also be included in the travel time. Visit time is that time spent while at the National Botanic Gardens. The best method to use is the individual method where the visit rate is normally calculated per individual in a given time period. The factors that influence this rate are for that specific person. It does not require averaging and a lot of calculations. Some of the challenges that are involved in using this method include the presence of substitute sites. Those who prefer one site over the others have higher values compared to other people. This should be differentiated. Statistical problems might also affect the obtained results. The choice of the variables and the method used should be done very carefully to avoid this. There are also those people who live near the site so as to reduce transport costs and time during this travel. Their value is higher and this should be noted keenly. Most people also view travelling as a hobby and hence a great experience and not a huge cost. This should be noted during the calculations. Estimating the generation function is done using this formula: Averages across the zones normally limits the number of observations because you will only take groups of people and then divide by the population of that zone. Working with individual counting increases the number of observations and hence a much more accurate result. Multiple regression analysis uses the following formula y = ax3 + bx2 + cx + d + ? where a, b, c, d and e are the variables used in the calculations. The environmental management decisions that are made under the conditions of risk are normally in situations where people or rather the managers lack the complete information on the issue at hand. This condition is rather difficult since the manager may comprehend the alternatives and the problem at hand, he or she does not have a guarantee on how each of the solution will work out. When an unfamiliar problem comes up, haste decisions which had not been planned before are normally used to solve the current situation. This decision normally involves the human judgment more than computer assistance. Since risks are normally bound to happen, putting early warning information crisis, developing management crisis plans are the best ways to help avert these problems. This is the condition of risk where virtually no information is available to help know what will happen in the future and be in a position to take the necessary precautions. The managers or rather the involved parties will therefore be risking and will rely heavily on emergency decisions. In a condition of uncertainty, the ...Download file to see next pagesRead More
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