What is cost-benefit analysis in business?
An example of an AI chatbot conversation about cost-benefit analysis in business.
What is cost-benefit analysis in business?
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, quantifying them, and then comparing the net benefits.
Can you give me an example of a cost-benefit analysis?
Sure! For instance, a company considering a new software purchase would weigh the cost of the software against the expected savings in time and resources.
What are some common pitfalls in cost-benefit analysis?
Common pitfalls include overlooking indirect costs, failing to account for intangible benefits, and bias in estimating values.
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