What is the importance of Cost-Benefit Analysis (CBA)?
An example of an AI chatbot conversation about the significance of Cost-Benefit Analysis in decision-making.
What is the importance of Cost-Benefit Analysis (CBA)?
Cost-Benefit Analysis (CBA) is crucial for evaluating the financial viability of projects by comparing costs and benefits.
Can you give me an example of how CBA is used in real life?
Sure! For instance, a city might use CBA to decide whether to build a new park by weighing construction costs against potential benefits like increased property values and community health.
What are some limitations of CBA?
Some limitations include difficulty in quantifying intangible benefits, potential bias in estimating costs, and the challenge of predicting future outcomes.
How can I conduct a CBA for my project?
To conduct a CBA, list all costs and benefits, assign monetary values, and compare them to see if benefits outweigh costs.
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