FORECAST-V3.0, Forecast Regulatory Effects Cost Analysis

1 - Description of program or function: The FORECAST program was developed to facilitate the use of the generic costing methodology. This PC program integrates the major cost considerations that may be required because of a regulatory change. FORECAST automates much of the calculations typically needed in an Regulatory Impact Analysis (RIA) and thus reduces the time and labor required to perform these analyses. More importantly, its integrated and consistent treatment of the different cost elements should help assure comprehensiveness, uniformity, and accuracy in the preparation of needed cost estimates. 2 - Method of solution: Over the past several years the NRC has developed a generic cost methodology for the quantification of cost/economic impacts associated with a wide range of new or revised regulatory requirements. This methodology has been developed to aid the NRC in preparing RIAs. These generic costing methods can be useful in quantifying impacts both to industry and to the NRC. 3 - Restrictions on the complexity of the problem: FORECAST makes several basic assumptions about data being input to the program. All costs entered are assumed to be in 1989 dollars. It is the user's responsibility to adjust costs to the 1989 base year prior to entering them into the program