How do I implement a cost-benefit analysis?

How do I implement a cost-benefit analysis for my project?

To implement a cost-benefit analysis, start by identifying all costs and benefits associated with your project.

What types of costs should I consider?

Consider both direct costs, like materials and labor, and indirect costs, such as overhead and opportunity costs.

And how do I quantify the benefits?

Quantify benefits by estimating the monetary value of outcomes, like increased revenue or cost savings.

Is there a specific formula I should use?

Yes, the basic formula is: Net Benefit = Total Benefits - Total Costs. If the result is positive, the project is viable.