What is cost-benefit analysis in technology?
An example of an AI chatbot conversation about cost-benefit analysis in technology.
What is cost-benefit analysis in technology?
Cost-benefit analysis in technology is a systematic approach to evaluating the strengths and weaknesses of alternatives.
How do you perform a cost-benefit analysis?
You identify costs and benefits, quantify them, and compare the net benefits to determine the best option.
Can you give me an example of this analysis?
Sure! For instance, when deciding to implement a new software, you would compare the costs of purchase and training against the expected efficiency gains.
What are some common pitfalls in this analysis?
Common pitfalls include overlooking indirect costs, failing to account for intangible benefits, and using inaccurate data.
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