ENTREPRENEURSHIP

Detailed explanation-1: -A cost-benefit analysis is the process used to measure the benefits of a decision or taking action minus the costs associated with taking that action.

Detailed explanation-2: -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-3: -Marginal analysis is the process of breaking down a decision into a series of ‘yes or no’ decisions. More formally, it is an examination of the additional benefits of an activity compared to the additional costs incurred by that same activity.

Detailed explanation-4: -Cost-benefit analysis can help companies develop an advantage over competing businesses because it can help them quickly create innovative ideas and determine how they can stay relevant in the current market.