respond to classmate\’s answer…minimum 50 words….agree/disagree, why?
Classmate: \”Cost-benefit analysis is the weighing scale approach to decision making. According to the text, the Cost-benefit analysis uses the same basic steps as simple cost and cost effectiveness but goes beyond cost effectiveness analysis by including multiple effects and their values. Benefits are positive effects. This technique can be helpful when seeking to fund when he/she begin with an exhaustive list of all the different costs and benefits that could arise; even if some are later excluded. CBA then adds up the total costs of a programme or activity and compares it against its total benefits. Some difficulties that can appear is when performing your analysis, the more important it is to convert your estimates of benefits over costs into todays dollars. Unfortunately, the further you look, the less confident you can be in your estimates. This can be resolved by developing a measure of before and after success. Also, consider the potential cost if the projects fail or even the potential cost of not doing the program or project.\”