What is cost-benefit analysis?
An example of an AI chatbot conversation about cost-benefit analysis in decision-making.
What is cost-benefit analysis?
Cost-benefit analysis is a systematic approach to evaluating the strengths and weaknesses of alternatives.
How do I perform a cost-benefit analysis?
You start by identifying the costs and benefits of each option, then quantify them to compare.
Can you give me an example of a cost-benefit analysis?
Sure! For instance, evaluating whether to invest in new software by comparing its costs against the expected efficiency gains.
What are some common pitfalls in cost-benefit analysis?
Common pitfalls include overlooking indirect costs, failing to account for time value of money, and bias in estimating benefits.
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