; and (B) the prioritization of activities and management of infrastructure within each relevant system or watershed. (3) Lifecycle portfolio management In making a determination relating to investment at any stage of a project, the Secretary shall issue guidance to ensure that the principles of lifecycle portfolio management are applied in the development of headquarters 5-year budget and work plans and district 5-year budget and work plans, including by— (A) managing the entire lifecycle of the project, within a system or watershed context, using data and objective criteria as the basis for risk-informed investment decision-making to provide— (i) the desired outcomes of the project; and (ii) value to the United States; and (B) managing the regional and national portfolios of projects to make cost-effective and sequenced investment decisions. (4) Federal considerations In developing and comparing project alternatives or making any other determination for purposes of a headquarters 5-year budget and work plan or district 5-year budget and work plan, the Secretary shall issue guidance to ensure that each plan includes an evaluation of the projected effects of each project or initiative of national significance or project or initiative of regional, Tribal, or local significance, or project alternative, if applicable, on— (A) the nonmonetary physical, chemical, and biological conditions of water and related land resources in the United States, at the system or watershed scale; (B) the economic value of— (i) water and related land resources in the United States; and (ii) the national output of goods and services produced using those resources; (C) the reduction of, and remaining, risks to human life and safety, as measured— (i) taking into consideration applicable flood and coastal storm damage reduction plans, and any other relevant plans; and (ii) using— (I) nonmonetary units; or (II) qualitative descriptions