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Cost-Benefit Analysis (CBA) is a decision-making tool that compares the costs of a project or decision with its potential benefits. It's data-driven, simplifies decision-making, and uncovers hidden costs and benefits. Other tools include SWOT Analysis, which assesses strengths, weaknesses, opportunities, and threats; Decision Matrix Analysis, which provides a systematic approach to making complex decisions; and PEST Analysis, which considers political, economic, social, and technological factors. Each tool has its unique strengths and is used based on the specific needs of the decision-making process.
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A cost-benefit analysis process allows businesses to analyze decisions, systems, projects and processes, as well as discover value for intangibles. The pros of using cost-benefit analysis lay in its data-driven approach, division-making simplification and, most importantly, an opportunity to uncover hidden costs and benefits.
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When in doubt about a decision, a potential project or changes to a venture, you need a reliable evaluation tool. Our Cost-Benefit Analysis presentati...
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