What are some examples of cost-benefit analysis?
An example of an AI chatbot conversation about cost-benefit analysis examples.
What are some examples of cost-benefit analysis?
Cost-benefit analysis (CBA) is a systematic approach to estimating the strengths and weaknesses of alternatives. For example, a city might conduct a CBA to determine whether to build a new park or renovate an existing one.
Can you give me a specific example of a cost-benefit analysis in healthcare?
Sure! A hospital might perform a CBA to decide whether to invest in new MRI machines. They would weigh the costs of purchasing and maintaining the machines against the expected revenue from additional patients.
What factors should be considered in a cost-benefit analysis?
Key factors include direct costs, indirect costs, potential revenue, time frame, and the impact on stakeholders.
How do you calculate the net benefit in a cost-benefit analysis?
Net benefit is calculated by subtracting total costs from total benefits. If benefits exceed costs, the project is considered viable.
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