TeachMeFinance.com - explain Risk-benefit analysis
Risk-benefit analysis The term 'Risk-benefit analysis ' as it applies to the area of agriculture can be defined as ' Comparison of the short- and long-term risks to the overall societal benefits of an activity, chemical use, or technology. When risks and benefits are expressed in monetary terms, this is effectively cost-benefit analysis. Both the Federal Insecticide, Fungicide, and Rodenticide Act and the Toxic Substances Control Act direct the Environmental Protection Agency to base regulatory decisions on a risk-benefit or cost-benefit basis'.
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