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cost benefit analysis

cost benefit analysis

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Published by NischalGautam

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Published by: NischalGautam on Feb 22, 2011
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12/11/2012

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3. A. Discuss whether the use of cost-benefit analysis helps toimprove economic decision making.Answer:Cost benefit analysis is a technique for assessing the desirabilityof a particular project taking into account of all the respectivecosts and benefits. The use of cost-benefit analysis helps toimprove economic decision making by analyzing the resultsfrom various CBA steps. It is a procedure for making long termdecision where present actions plays a vital role for indicatingthe future.The process of CBA includes basic four stepsStage I: Identification of all relevant costs and benefits.Stage II: Putting a monetary value on all relevant costs andbenefits.Stage III: Forecasting future cost and benefits.Stage IV: Decision making and interpretation of the results fromabove stages of cost benefit analysis.The first stage is to identify all the relevant cost and benefitsfrom any particular projects. It includes what are the privatecosts, the private benefits, and the external costs, externalbenefits are. The second stage involves putting a monetaryvalue on the various costs and benefits. The third stage of costbenefit analysis is related forecasting future costs and benefits

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