IGNOU MNRE 16 2018 - What is the relevance of objectives in cost and benefits assessment?

Question

What is the relevance of objectives in cost and benefits assessment?

16 Feb 2018

Answer :

Word Count : 431

Cost–benefit analysis (CBA), sometimes called benefit costs analysis (BCA), is a systematic approach to estimate the strengths and weaknesses of alternatives (for example in transactions, activities, functional business requirements or projects investments); it is used to determine options that provide the best approach to achieve benefits while preserving savings. The CBA is also defined as a systematic process for calculating and comparing benefits and costs of a decision, policy (with particular regard to government policy) or (in general) project.

Broadly, CBA has two main purposes:

To determine if an investment/decision is sound (justification/feasibility) – verifying whether its benefits outweigh the costs, and by how much;
To provide a basis for comparing projects – which involves comparing the total expected cost of each option against its total expected benefits.

CBA is related to (but distinct from) cost-effectiveness

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