7 Oct 2022


The Cost-effective Analysis Technique: What You Need to Know

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Academic level: College

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The technique that works best for me or enriches me in the best way is the cost-effective analysis technique. It differs from the cos-benefit analysis as it does not focus on economics or finances but the effectiveness of various solutions. Personally, I like to consider the best solution based on the effectiveness of each of the solutions that I have at hand. The focus, while evaluating solutions, strategies, or decisions to be made, should always be on the effectiveness of each of those solutions and not on single factors such as finances. A cost-effectiveness analysis will help one compare the output of a program or strategy against the costs that would be incurred. 

In the case where a passion intends to build a restaurant, for instance, they may have to decide whether to use concrete or wood in construction. The use of concreate would cost a great deal but may be beneficial in the long run. Wood frame buildings are a lot cheaper to construct bit may prove to be quite costly in the long run. The two alternatives are thus both beneficially depending on the intentions and objectives of the individual. If one has the aim of establishing a long-lasting restaurant, the best option would, therefore, not be wood, which is highly combustible and costly in the long run. 

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StudyBounty. (2023, September 16). The Cost-effective Analysis Technique: What You Need to Know .


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