The report represents a first attempt to supply the staff work for the consideration of priorities for the advanced waste treatment R and D Program in Cincinnati. The priority setting considerations presented are wholly objective. Organizational, political, and personality constraints are excluded. It is assumed that consideration of these more subjective factors will follow the objective analysis and some reordering of priorities will be required. It is shown that existing theory for priority setting is not foolproof and much depends on accurate estimating. The ideas of cost-benefit analysis and planning are sueful and if used properly can bring the problem into clearer focus and lead to a rational decision making process.