What are the applications of cost-benefit analysis?
An example of an AI chatbot conversation about cost-benefit analysis applications.
What are the applications of cost-benefit analysis?
Cost-benefit analysis (CBA) is used in various fields like economics, healthcare, and project management to evaluate the feasibility of projects.
Can you give me an example of CBA in healthcare?
Sure! In healthcare, CBA can assess the cost-effectiveness of a new treatment compared to existing options, helping to allocate resources efficiently.
How does CBA help in project management?
In project management, CBA helps decision-makers weigh the expected benefits of a project against its costs, ensuring optimal resource allocation.
What are some limitations of cost-benefit analysis?
Some limitations include difficulty in quantifying intangible benefits, potential bias in cost estimates, and the challenge of predicting future outcomes.
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