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Cost-benefit Analysis is simply calculating the cost of something versus the benefit to see if the purchase or project is worthwhile. It is an example of unadulterated economics. For example, let's say you want to purchase a new piece of equipment for your business. You would calculate the initial cost of the purchase and then calculate how long it would take before the equipment paid for itself and you began making money off the purchase. Which is greater, the cost or the benefit, which determines whether or not the initial purchase is worthwhile. Which is greater, your assets or the deficits of what you or your business is contemplating. Which is greater, the benefit or the cost?
Wiki User
∙ 12y ago
Wiki User
∙ 8y ago- Come up with an option.
- Determine the costs of the decision.
- Calculate the amount of benefit that would be gotten from choosing the option.
- See if the benefits outweigh the costs to make a decision
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