ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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cause and effect
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cost/benefit analysis
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marketing plan
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correlation analysis
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Detailed explanation-1: -Generally speaking, cost-benefit analysis involves tallying up all costs of a project or decision and subtracting that amount from the total projected benefits of the project or decision. (Sometimes, this value is represented as a ratio.)
Detailed explanation-2: -Performing cost benefit analysis allows companies to measure the benefits of a decision (benefits of taking action minus the costs associated with taking that action). It involves measurable financial metrics such as revenue earned, and costs saved as a result of the decision to pursue a project.
Detailed explanation-3: -A cost-benefit analysis is a process that helps you determine the economic benefit of a decision, so you can decide whether it’s worth pursuing. It’s a useful tool when you want to avoid bias in your decision-making process-especially when you’re faced with a big decision that will impact your team or project success.
Detailed explanation-4: -Advantage: Clarity in Unpredictable Situations. Disadvantage: Does Not Account for All Variables. Advantage: Helps You Make Rational Decisions. Disadvantage: Removes Gut Instinct.