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Decisions made using cost-benefit analysis involve evaluating the expected costs and benefits of different options to determine the most advantageous choice. This method helps in quantifying the potential outcomes, allowing decision-makers to compare alternatives objectively. It is particularly useful in financial assessments, project evaluation, and policy-making to ensure resources are allocated efficiently. However, it may overlook non-monetary factors, such as social or environmental impacts, which can also be crucial in decision-making.
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What describes the purpose of using cost-benefit analysis?
to make decisions that maximize benefitsThe purpose of using cost-benefit analysis is to determine the options that provide the best approach for the practice and adoption in terms of cost savings, time and labor. The cost benefit analysis is also called a benefit cost analysis.To make decisions that maximize benefits
What describes the kinds of decisions that result from using cost-benefit analysis?
An outcome with benefits that are greater than the costs.
People come to different decisions using cost benefit analysis even under the same conditions because cost and benefit are both what?
Subjective
Which of the following best describes the kinds of decisions that result from using cost-benefit analysis?
An outcome with benefits that are greater than the costs.
Why do different people come to different decisions using cost-benefit analysis even under the same conditions?
Costs and benefits are both subjective.
What describes the purpose of using cost-benefit analysis?
to make decisions that maximize benefitsThe purpose of using cost-benefit analysis is to determine the options that provide the best approach for the practice and adoption in terms of cost savings, time and labor. The cost benefit analysis is also called a benefit cost analysis.To make decisions that maximize benefits
What is the benefit of correlation and regression analysis in business decisions?
The benefit of using correlation and regression analysis in business decisions is that it allows you to weigh outcomes. This can help managers see if they should continue with their current model or make changes to it.
What kinds of decisions result from using cost benefit analysis?
an outcome with benefits that are greater than the costs
What describes the kinds of decisions that result from using cost-benefit analysis?
An outcome with benefits that are greater than the costs.
People come to different decisions using cost benefit analysis even under the same conditions because cost and benefit are both what?
Subjective
Which of the following best describes the kinds of decisions that result from using cost-benefit analysis?
An outcome with benefits that are greater than the costs.
People come to different decisions using cost-benefit analysis even under the same conditions because costs and benefits are both what?
Subjective
Why do different people come to different decisions using cost-benefit analysis even under the same conditions?
Costs and benefits are both subjective.
Why do people come to different decisions using cost benefit analysis?
People arrive at different decisions using cost-benefit analysis due to variations in their individual preferences, values, and priorities. Factors such as risk tolerance, time horizon, and personal circumstances can significantly influence how costs and benefits are perceived and weighed. Additionally, the information available and the interpretation of that information can lead to differing conclusions. Ultimately, subjective judgments play a crucial role in the decision-making process.
What pair of words best describes the purpose of using cost benefit analysis?
To make decisions that maximize benefits. Rational and Subjective. Objective and systematic pleasure (benefit) and pain (cost) calculating and coherent Rational and structured =making a list of costs and benefits
Why do people come to different decisions using a cost benefit analysis even under the same conditions?
Costs and benefits are both subjective.
What is the purpose of using a cost benefit analysis?
You would use a cost-benefit analysis to see what the best approach would be to a problem. It helps you know what alternative is best in terms of effort, time, and cost.
