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The main components of the Cost-Benefit Analysis process are:
1. Identification of costs: This includes all the expenses that will be incurred in the implementation of the project or decision.
2. Identification of benefits: This includes all the potential gains from the project or decision.
3. Comparison of costs and benefits: This involves quantifying the costs and benefits in monetary terms and comparing them to determine if the benefits outweigh the costs.
4. Decision making: Based on the comparison, a decision is made whether to proceed with the project or not.
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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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