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Questions and Answers
Which of the following best describes cost-benefit analysis?
Which of the following best describes cost-benefit analysis?
- A process to measure the benefits of a decision without considering the costs
- A process to measure the costs of a decision plus the benefits associated with taking that action
- A process to measure the costs of a decision without considering the benefits
- A process to measure the benefits of a decision minus the costs associated with taking that action (correct)
What is the purpose of cost-benefit analysis?
What is the purpose of cost-benefit analysis?
- To only consider the benefits of a decision
- To evaluate the impact of a decision on the environment
- To evaluate whether the benefits outweigh the costs or vice versa (correct)
- To only consider the costs of a decision
What are the pros and cons of cost-benefit analysis?
What are the pros and cons of cost-benefit analysis?
- Pros: It is applicable to all types of decisions. Cons: It does not consider social factors.
- Pros: It considers both tangible and intangible factors. Cons: It is time-consuming.
- Pros: It is easy to understand. Cons: It does not consider long-term impacts.
- Pros: It provides a systematic approach to decision-making. Cons: It does not consider intangible factors. (correct)
