Preservation > Economics

Definition

Consider this: the word economics comes from Greek, oikos, which means house or home, and nomos, which means management.

Further economic, fiscal management, cost-benefit analysis by including:

  • A more short-term approach thanfive-year or longer plans allow;
  • The principles of intergenerational equity;
  • An appraisal of the intangible capital (and its management) of the Museum;

Favor investment in proactive preventive conservation, monitoring, assessment, housekeeping, and maintenance over reactive mitigation through repair, conservation, restoration and other more expensive treatments that may not serve to save irreplaceable material.

Place an emphasis on and investment in in-house training and education:

  • in favor of outsourcing work that can be undertaken by the Museum;
  • as part of every preservation initiative;
  • with an emphasis on enhancing knowledge though site and problem-specific application of information, technical resources, training and education — all shared by staff and administration though an intranet system so learning is actuated in a real-time, context-relevant environment.

The realization that the work undertaken on each property must be commensurate in quality with the significance of the site and that, the significance of site and their preservation, once further documented and assessed, will substantial needs assessments developed as part of funding proposals.

Each property, based the philosophy for its preservation and interpretation, its significance and value, is suited for specific, yet varied initiatives that can act as pilot projects for the Museum and, through education and interpretation, a much broader audience

Resources

Money Generation Model (MGM), National Park Service Planning, National Park Service

Like the original MGM model, MGM2 estimates the impacts that park visitors have on the local economy in terms of their contribution to sales, income and jobs in the area.  The Money Generation Model  produces quantifiable measures of park economic benefits that can be used for planning, concessions management, budget justifications, policy analysis and marketing.  MGM2 is more readily applicable to evaluating management, policy and marketing alternatives institutions should receive, or should have a clear prospect of receiving, a level of funding that enables them to act as effective stewards of the collections for which they are responsible. This would enable them to reach and maintain defined standards of collections management.

Select Cost Analysis Method, Building Technologies Program, Office of Energy Efficiency & Renewable Energy,  U.S. Department of Energy

Since there will usually be a number of acceptable design alternatives for any project, cost/benefit analyses help you select the ones that have the best savings potential.

  • Simple Payback Analysis
  • Standardized Payback Equations
  • Life-Cycle Cost Analysis
  • Selecting the "Best" Alternatives
  • Weighing Societal Impacts

Retrofit Analysis, , Building Technologies Program, Office of Energy Efficiency & Renewable Energy,  U.S. Department of Energy

These software simulation tools can model proposed renovations to analyze how much energy they will save.

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