This study develops a practically feasible approach for locating the most feasible urban drainage investment project. Based on both the cost-benefit analysis and the theory and practice of urban drainage analysis, we successfully constructed an economic evaluation framework and procedures which can be used by government agencies in deciding on the most favorable project among several alternatives. The single-objective results generated using the approach night not be the only consideration that the government will take into account when making the investment decision. The results, however, may provide the government with useful information and serve as a major reference point with which competing projects can be compared.