Question

What is the difference between a cost and a benefit?

Answer 1

Answer:

A cost is something you have to give up or sacrifice and a benefit is something that is gained or is helpful.

Explanation:

In a cost-benefit analysis of a system, an engineer is to simply look at the requirements for the system and determine the costs to build the system, both in financial value and energy value.  Additionally, the engineer needs to determine the benefits that would come from choosing a particular path of cost.  If the benefits outweigh the cost for the project, then the solution is accepted.  Else, the cost outweighs the benefit and the solution is rejected.