This statewide study achieved the following objectives: (1) It developed a methodology for conducting a benefit-cost analysis of vocational education programs in Florida; (2) It examined, compared, and analyzed public and private costs and benefits of four Florida vocational programs, (3) It compared public and private benefits and costs for students enrolled in day high school with students not enrolled in day high school, and (4) It yielded mathematical formulas that resulted in the development of a model for predicting public and private economic returns of vocational programs. Current program cost data were incorporated with data collected by means of student followup questionnaires. Positive and significant rates of return were realized from public and student investment in each of the four selected vocational programs, with investments being recouped in less than two years. Of the four programs, only the air conditioning program showed statistically significant differences in rates of return on investments. Vocational students had higher rates of return than regular secondary students, although vocational student costs were greater. The methodology and the benefit-cost planning model proved effective and could prove useful in allocating resources to maximize public and student benefits. Development of vocational programs in Florida, especially in air conditioning, is recommended. This document is related to four others, available in this issue as VT 019 460, and VT 019 462-VT 019 464. (AG)