Question

Select the steps for a cost-benefit analysis. List the costs involved in making a decision. Compare the costs and benefits. List the benefits involved in making a decision. Make a decision based on maximizing satisfaction.

Answer 1

The Five Steps for Cost Benefit Analysis include:

1. Specify the possible options for action

2. List all possible outcomes

3. Determine probability of each outcome

4. Assign a value to each outcome

5. The sum of the values times probabilities for each option is the expected value of that option.

         Production, implementation, and failure are all costs involved in making a decision.

          Speedy results, saving energy, saving time and/or money, sense of achievement, raising of morale and/or confidence are all benefits involved in making a successful decision.

Answer 2

Cost-benefit analysis answer by step:

List the costs involved in making a decision.

List the benefits involved in making a decision.

Make a decision based on maximizing satisfaction.

(I'm not completely sure but I'm pretty sure this is the answer. Hope this helps, let me know if it's correct or not.)