What is the difference between cost-benefit analysis and return on investment?
An example of an AI chatbot conversation about cost-benefit analysis vs. return on investment.
What is the difference between cost-benefit analysis and return on investment?
Cost-benefit analysis evaluates the total expected costs versus benefits of a project, while ROI measures the profitability of an investment.
Can you give me an example of each?
Sure! For cost-benefit analysis, consider a city evaluating a new park: costs include land and maintenance, benefits include increased property values and community health. For ROI, if you invest $1,000 in a marketing campaign and earn $1,500, your ROI is 50%.
Which method is better for decision-making?
It depends on the context. Cost-benefit analysis is great for comprehensive evaluations, while ROI is useful for quick profitability assessments.
Are there any limitations to these methods?
Yes, cost-benefit analysis can be subjective in estimating benefits, and ROI doesn't account for time or risk factors.
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