IGNOU MAM 57 2025 - Explain the meaning and importance of social cost-benefit an

Question

Explain the meaning and importance of social cost-benefit analysis. Discuss the procedure for estimating the social cost and benefit of a project.

17 Nov 2025

Answer :

Word Count : 467

Social cost-benefit analysis (SCBA) is a systematic approach used in project management to evaluate the overall impact of a project on society, rather than focusing solely on private or financial gains. In the context of agribusiness, SCBA helps decision-makers understand how a project, such as establishing a new processing unit, irrigation system, or supply chain improvement, affects farmers, consumers, laborers, and the environment. Unlike traditional cost-benefit analysis that primarily considers financial outcomes for the business, SCBA incorporates externalities—both positive and negative—that influence societal welfare. These can include environmental effects, employment generation, health impacts, and changes in resource allocation. By assessing these broader effects, SCBA ensures that agribusiness projects are aligned with sustainable development goals and social responsibility

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