Cost-Benefit Analysis: The Best Alternative

Forum Discussion for a Social Work Class
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Forum Discussion for a Social Work Class
Gupta (2001) explains the analytical techniques used in the cost-benefit analysis method of evaluating both monetary and non-monetary advantages and disadvantages of any project. On the whole, when selecting a project, the project analyst must determine if the project's benefits outweigh the costs and whether other alternatives can yield higher benefits with the same or lesser costs. The cost-benefit analysis process includes evaluating non-monetary benefits and costs from both a social and private perspective. Sometimes this involves placing a price tag on the intangible of life or the inconveniences of the project. Gupta (2001) recommends using past cases as a valuation guide since intangibles are often subjective. The author spen...