The concept will enable business owners, project leaders and practitioners to grasp the basics of cost-benefit analysis and understand the systematic process for calculating and comparing benefits and costs of a project.
Cost-Benefit Analysis Definition
Cost-Benefit analysis is an approach to activity appraisal that involves the estimation of the overall cost and benefits in monetary value terms. The activity could be an impending project or proposed policy. The approach is used to determine whether a particular activity is viable or to evaluate the effects of alternative decisions (Barnett, 1985).
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Cost-Benefit Analysis References (4 of up to 20) *
- Barnett, W.S. (1985) Benefit-cost analysis of the Perry Preschool program and its policy implications. Educational Evaluation and Policy Analysis, Vol. 7, pp. 333-342.
- Barnett, W.S. (1993) The Economic Evaluation of Home Visiting Programs. The Future of Children: Home Visiting, Vol. 3, pp. 93-112.
- Boardman, A.E. (2006) Cost-benefit Analysis, Concepts and Practice. (3rd ed.) Upper Saddle River, NJ: Prentice Hall.
- Connelly, N.A. and Brown, T.L. (1991) Net Economic Value of the Freshwater recreational fisheries of New York. Trans-American Fisheries Society, Vol. 120, pp. 770-775.
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