Question

In a word document, conduct a cost-benefit analysis where you write all of the costs (monetary and non-monetary) and compare them to all of the benefits (monetary and non-monetary) of our class going on a field trip to Walt Disney World in Orlando, Fl. Be sure to list any alternatives for trip (ex. flying rather than driving, etc.)
(There are 22 Students in the class)

Answer 1

It should be noted that cost-benefit analysis is the way to compare the costs and benefits of a project expressed in monetary units.

What Is a Cost-Benefit Analysis?

A cost-benefit analysis is the systematic process which businesses use on order to analyze which decisions to make and the ones that will be forgo. The cost-benefit analyst simply sums the potential rewards that are expected from a situation and then subtracts the total costs that are associated with taking that action.

The major steps in a cost-benefit analysis

• Specify the set of options.
• Decide whose costs and benefits count.
• Identify the impacts and select measurement indicators.
• Predict the impacts over the life of the proposed regulation.
• Monetize and place dollar values on impacts.

Before the class goes on a field trip to Walt Disney World in Orlando, it's important to conduct a cost-benefit analysis that will be used to evaluate all the potential costs and the revenues which the class might generate from the project.

Then, the outcome that is gotten from the analysis will determine whether the project will be financially feasible or whether the company can pursue another project.

Learn more about cost-benefit analysis on:

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