What are some advanced techniques in cost-benefit analysis?
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What are some advanced techniques in cost-benefit analysis?
Advanced techniques in cost-benefit analysis (CBA) include sensitivity analysis, Monte Carlo simulations, and real options analysis.
Can you explain sensitivity analysis in more detail?
Sensitivity analysis examines how the variation in output of a model can be attributed to different variations in input parameters.
What is Monte Carlo simulation and how is it used in CBA?
Monte Carlo simulation uses random sampling to estimate the probability of different outcomes in a process that cannot easily be predicted.
How does real options analysis differ from traditional CBA?
Real options analysis considers the value of flexibility and decision-making in uncertain environments, unlike traditional CBA which is more static.
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