Essay on Cost-benefit Analysis

Submitted By jstndvn
Words: 326
Pages: 2

Cost benefit analysis
Justin Paulus
Neal Sergeant

Cost benefit analysis Cost benefit analysis is how a project is compared to see what can be gained or loss. This process includes weighing the total predicted cost of each option versus the total predicted outcomes. This comparison will show how much the benefits outweigh the cost and if it is actually worth it. Understanding this I would have to say the relevance to this week’s team progression would be us weighing the pros and the cons of the financial programs, communication, market, and sales. This process actually helped us with deciding what route to take with bubble films different systems and software’s. In a small group it is easy to decide on what should be done, but if our group was large a cost benefit analysis would be a good way to get everyone on the same page. For example, there could be one teammate arguing we should take this approach to a situation and another pulling another way. Cost benefit analysis would give a clear view of the negative and positive aspects and get the group to work as a whole. I know at first when we’re deciding if we would go with quicken or dynamic we had some disagreement on which would have better financial benefits to the company. The team went through the cost and benefits of each one a number of times. We knew we wanted bubble films to save as much money as possible as well as still be able to get their money worth in accuracy and efficiency.