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c~. CHAPTER II I PLAN FORMULATION PROCESS 4. Acceptable to the public and compatible with institu- tional restraints. Selection of Recommended Plan Once the candidate plans are identified, the planning team will array a four account evaluation of the plans to determine the recommended plan or plans to be investigated at the feasibility level. The four account evaluation system is a method specified by Principles and Standards for evaluating plans in the selection of the recommended plan. The system is a tool used to evaluate the extent to which plans contribute either in a beneficial or adverse way. Benefits and costs are evaluated either in monetary or nonmonetary terms in each of the four accounts as indi- cated below which makes it possible to compare tradeoffs among plans. l. National economic development (NED) account - In monetary terms. 2. Environmental quality (EQ) account - In nonmonetary terms. 3. Regional economic development (RED) account - In both monetary and nonmonetary terms. C;;,. /,~,~~ 4-'_?:,,'~~ 4. Other social effects (OSE) account - In predominantly non- monetary terms. At the conclusion of the plan selection process, a planning meeting will be held involving personnel from the Upper Colorado Regional Office, E&R Cen- ter, and the Grand Junction Projects Office. If the public involvement pro- gram reveals there is public conflict between two or more plans, or if no plan is clearly favored over other candidate plans, two or more plans may need to be examined at the feasibility level. If this is the case, only those ele- ments of candidate plans which are critical to the decision should be investi- gated at the feasibility level. Following this, another four account evalua- tion will need to be conducted on those plans to select the preferred planes). Phase I Report Upon completion of Phase I investigations, the professional services con- tractor will prepare and submit to Water and Power the Phase I report which will incorporate results of all Phase I activities. This report will be reviewed by Water and Power with subsequent revisions by the contractor. 2l O~)lL s:;