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This study concludes airpower will play an increasingly dominant role in future US contingency responses. Power projection is defined as the finite application of military power by national command authority to achieve discrete political ends outside the borders of the United States, its territories, and possessions. Power projection contingencies are characterized as wars and operations short of war, but not conflicts that are global or total in nature. Future contingencies that demand a US response may occur without warning, be time sensitive, and require short duration deployments. US forces may not have immediate access to or a previously established presence in potential theaters of operation. Due to the changing nature of the international environment and domestic priorities, the President defined a new National Secunty Strategy that emphasizes projecting military forces in response to regional conflicts. The military services are currently modifying their doctrine and force structures to reflect the shift towards power projection. The services agree power projection forces must be lethal, flexible, deployable, mobile, and capable of surviving an increasingly hostile threat environment. Comparing force characteristics reveals airpower has greater flexibility, deployability, mobility, and is better able to survive future threat environments than surface forces. New domestic imperatives have also forced the services to engage in a healthy competition to preserve their share of a shrinking defense budget. In terms of efficiency, apportioning resources according to an arcane formula that does not reflect force capabilities or the future utility of primary service functions is illogical. Building a strong power projection capability requires a thorough evaluation of the relative efficacy of air, land, and sea power to perform the power projection mission.
Cost-Benefit Analysis (CBA) is an economic appraisal tool which can be used to inform an investment decision, for instance, the construction of a nuclear power plant. In a CBA, the costs and benefits are accounted for as fully as possible, allowing estimation of the net economic benefit associated with the project relative to a without-the-project scenario, or an alternative investment proposal. This publication suggests an approach for conducting a CBA for a nuclear newbuild project as part of a feasibility study. It presents a CBA framework which is built around four key steps to characterize a project: the project’s objectives, alternatives to the project, and the broad context; a financial analysis, including estimates of costs and profitability; an economic analysis, taking a broader view to include additional benefits and costs to society; and a sensitivity and risk analysis to assign a confidence level to key financial and economic indicators and identify the circumstances in which the project will generate value. The publication includes a case study to illustrate the framework’s application and describes, for example, the methodology used for valuing environmental benefits, such as emissions and pollution reduction. The publication is aimed at all stakeholders involved in the planning and decision-making on a nuclear new build project.