Cost Benefit Analysis

Paper Summary:

This paper examines how cost benefit analysis refers to the method by which organizations assess the outcome of various actions or projects and how it has often been projected as a useful measurement tool that allows accurate measurement of possible benefits, which are then compared with the costs to be incurred. It looks at how the tool is widely used by the corporate sector for business research. It summarizes one article in connection with cost benefits analysis in business research and sees how it can be applied in an organization or in personal lives. Jennifer Giacin, BS, CSA, in her article, "Cost Benefit Analysis and Business Research," discusses the increasing use of cost benefit analysis in the corporate sector, especially in the area of training programs, and also touches upon the merits and demerits of such actions.

From the Paper:

"Cost benefit analysis may sound like a scientific term that only few people can understand or implement, but the truth is that this method is regularly used by all of us in professional as well as personal lives. Whenever we are required to make a decision regarding something of importance, we weigh its possible pros and cons before taking the giant leap. Cost benefit analysis is part of human nature and thus consistently used by every rational person. In our personal lives, we encounter situations that require us to make some kind of investment whether emotional, financial or physical. But since these resources are important to us, we want to use them wisely and thus would assess the possible benefits of the action before making a decision."

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