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This study compares and considers various economic evaluation methods for flood control and determines flood control priority. Economic evaluation is an essential factor to be considered in the establishment of flood control steps. It is also a way of reasonably analyzing the feasibility of a flood control project and the benefits for disaster prevention while determining the investment priorities of such projects. Therefore, it is necessary to project priority by selecting the economic evaluation method that meets the current condition and budget. For this purpose, this study constructed a database for twenty-eight cities and counties in Chungcheong province, using an improvement method. The characteristics were then examined and compared on the basis of three economic evaluations: Benefit/Cost (B/C), Net Present Value (NPV), Internal Rate of Return (IRR), and Weight Average Profit Index (WAPI). In addition, it was possible to arrive at a result that reflected each evaluation method well through the proposal of a Maximized Economy Curve (MEC), which accounts for both economic efficiency and the priority of flood control projects according to evaluation methods. The MEC is meaningful in that it presents the selection aspect of the economic evaluation method and the optimal business priority.

Study on Optimum Priority of Flood Control Projects Using the Maximized Economic Curve