-serves as an aid in determining the socio economic contributions the project/business can offer. -attempt to determine economic impacts on society or GNP.
- Based on the fact that the enterprise is an organ of society and that its actions have a decisive impact on the social scene. -Any business, in the present world situation, has the responsibility to make its best contribution to the defensive strength of its country. -the business must consider its impact upon society. It has to consider whether the action is likely to promote the public good, to advance the basic beliefs of our society, or contribute to its stability, strength and harmony. - Businesses are the growth engine of the most successful economy.
VARIABLES OF SOCIO ECONOMIC EVALUATION:
1. Employment and income
3. Supply of commodities
4. Demand for materials
SOCIO DEMOGRAPHIC PROFILE
-It entails the survey of relevant data as to the income, profession, gender distribution, age range, and other quantifiable demographic profile that may affect the implementation of the project.
- Project must also present the economic benefits to show the net contribution along the social welfare of the country. - Process by which the project’s desirability in terms of its net contribution (whether favorable or unfavorable) to the economic and social welfare of the country as a whole may be determined. -Quantifiable feasibility indicators needed such are the cost-benefit analysis; net present value; cost effective analysis; cost utility analysis;
SOCIO ECONOMIC IMPACT ASSESSMENT (SEIA)
- A way to determine how a development project might affect the social and economic conditions of people and communities. - It can be used to assess impacts of a wide range of types of change. - It can help design impact mitigation strategies to minimize negative and maximize positive impacts of any change.
A SEIA study:
1) describes the current...