Question

What are the strengths, weaknesses, and implications of risk/benefit analysis as a method for deciding whether a technology should be employed?

Answer 1

A risk-benefit analysis compares the risks and benefits of a situation and determines whether the advantages outweigh the disadvantages. 

What is Risk-benefit analysis in technology?

Strengths

Risk-benefit analysis calculates the amount of time will be worth it to the production of technology and whether the technology will have a healthy impact on the industry or not.

Weaknesses

Risk-benefit analysis cannon determine product implementation and the outcomes of real life experiences of individual customers. It has some drawbacks like benefits of customer is take under consideration but pollution in nature is not calculated.

Implication

Risk-benefit analysis is implied in almost all technical industry as it the decision maker of any developing team to work on a particular project or not. Some examples are automobile industry and smartphone industry.

Learn more about risk-benefit analysis

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