What are some examples of cost-benefit analysis in business?
An example of an AI chatbot conversation about cost-benefit analysis in business.
What are some examples of cost-benefit analysis in business?
Cost-benefit analysis (CBA) helps businesses evaluate the financial implications of decisions. For example, a company might analyze the costs and benefits of launching a new product versus improving an existing one.
Can you give me a specific example?
Sure! A tech company might conduct a CBA to decide whether to invest in developing a new software feature. They would weigh the development costs against the expected increase in sales and customer satisfaction.
What factors should be considered in a cost-benefit analysis?
Key factors include direct costs, indirect costs, potential revenue, time frame, and risks associated with the decision.
How do you calculate the net benefit?
To calculate net benefit, subtract total costs from total benefits. If the result is positive, the project is generally considered worthwhile.
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