briefly explain the following;

Question

cost and benefit analysis

Answer 1

Cost and benefit analysis is a systematic process used to evaluate the benefits and costs of a decision or project. It involves identifying and calculating all relevant costs and benefits associated with a decision, quantifying them in monetary terms if possible, and then comparing them to determine the overall value or feasibility of the decision. By conducting a cost and benefit analysis, decision-makers can make informed choices based on a comprehensive understanding of the potential outcomes and trade-offs involved.