What are some advanced techniques in cost-benefit analysis?
An example of an AI chatbot conversation about advanced techniques in cost-benefit analysis.
What are some advanced techniques in cost-benefit analysis?
Advanced techniques in cost-benefit analysis include Monte Carlo simulations, sensitivity analysis, and real options analysis.
Can you explain how Monte Carlo simulations work in this context?
Monte Carlo simulations use random sampling to model the probability of different outcomes in a cost-benefit analysis.
What is sensitivity analysis and why is it important?
Sensitivity analysis assesses how the variation in input variables affects the outcome, helping to identify key drivers.
How does real options analysis differ from traditional cost-benefit analysis?
Real options analysis incorporates the value of flexibility and decision-making in uncertain environments, unlike traditional methods.
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