Question

At the broadest and vaguest level, cost-benefit analysis may be regarded simply as______________.a. systematic thinking about decision making b.the best way to protect profits c. a way of ethically d. justifying unpopular decisions e. No answer text provided.

Answer 1

Answer:

The correct answer is letter "A": systematic thinking about decision making.

Explanation:

Cost-benefit analysis is the process by which individuals compare the returns of taking a decision and compare them to the costs involved in choosing that option. In most cases people have more than one option available to select, thus, the choice with the greatest return and the lowest costs is likely to be chosen.

American Harvard Professor Steven Kelman (born in 1948) states that at its broadest and vaguest level, cost-benefit analysis may be regarded simply as systematic thinking about decision-making. Kelman also believes that using the cost-benefit analysis in environmental, safety, or health matters is inappropriate.

Answer 2

Answer:

a. systematic thinking about decision making

Explanation:

• Every decision a person takes comes at a cost, and produces certain benefits (if not, no one would actually takes that decision!).  

• Cost-benefit analysis simply allow us to order and explicitly see what are those cost and those benefits linked to the decision, and quantify them, in order to make our final decision more easy by deciding in terms of what actually is better for us.