Cost–benefit analysis | Wikipedia audio article
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Date: 27/11/2018

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Cost–benefit analysis

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SUMMARY
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Cost–benefit analysis (CBA), sometimes called benefit costs analysis (BCA), is a systematic approach to estimating the strengths and weaknesses of alternatives (for example in transactions, activities, functional business requirements); it is used to determine options that provide the best approach to achieve benefits while preserving savings. It may be used to compare potential (or completed) courses of actions; or estimate (or evaluate) the value against costs of a single decision, project, or policy. Common areas of application include commercial transactions, functional business decisions, policy decisions (especially government policy), or project investments.
Broadly, CBA has two main applications:

To determine if an investment or decision is sound – verifying whether its benefits outweigh the costs, and by how much;
To provide a basis for comparing investments or decisions – comparing the total expected cost of each option against their total expected benefits.CBA is related to cost-effectiveness analysis. In CBA, benefits and costs are expressed in monetary terms, and are adjusted for the time value of money, so that all flows of benefits and flows of project costs over time are expressed on a common basis in terms of their net present value, regardless of whether they are incurred at different points in time.
Other closely related formal techniques include: cost-effectiveness analysis, cost–utility analysis, risk–benefit analysis, economic impact analysis, fiscal impact analysis, and social return on investment (SROI) analysis.