What are the benefits of cost-benefit analysis?
An example of an AI chatbot conversation about the benefits of cost-benefit analysis.
What are the benefits of cost-benefit analysis?
Cost-benefit analysis helps in making informed decisions by comparing the expected costs and benefits of a project.
Can you give me an example of how it's used in business?
Sure! A company might use cost-benefit analysis to decide whether to launch a new product by weighing the costs of development against the projected sales.
Are there any limitations to this analysis?
Yes, limitations include difficulty in quantifying certain benefits, potential bias in estimating costs, and the assumption that all costs and benefits can be measured.
How can I improve my cost-benefit analysis skills?
You can improve by studying real case studies, practicing with different scenarios, and learning from experts in the field.
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