The 10 Most Asked Questions of Cost Benefit Analysis

When dealing with decisions using Cost Benefit techniques it is very important to follow the proven principles. The health of your company and your reputation depend on it. If these rules are not followed then your decisions could be flawed.

Let’s start, shall we?

Question #1. Is this technique suitable for the small business owner?

Yes. The theory works equally as well for small business as it does for big business and government.

Cost Benefit Analysis is a decision-making technique that assesses the positive outcomes (benefits) as well as the negative outcomes (costs) of different decision alternatives. The trick is to make its implementation easy for the small businessperson.

Once you have basic knowledge of the theory and can enter data into a spreadsheet then the rest is not too difficult.

Question #2. Is this all I need to make better decisions?

No. Cost Benefit Analysis is a tool to assist in making better financial decisions. It is not an end in itself. However, part of the Cost Benefit process requires that you think widely on all options before making a final decision. This is often where most people fail in their decision-making attempts.

Cost Benefit Analysis is also very skilful at providing a single viability output for each competing option, making comparisons objective and easy.

Question #3. What do I include as the Costs and the Benefits?

Costs. All costs attributable to the project are to be included. Some of these are listed below:

– Asset Costs (both Capital and ongoing)

– Supply costs for purchased items

– Extra administrative effort required to manage project

– Delivery costs if to your account

– Replacement of assets in future years

– Tender preparation costs

– Any specialised tooling associated with the project

Revenue. Revenue can only be attributed to a project if it were not received were the project not to go ahead.

Asset Disposal and Residual Values. Some assets may be retired prior to the end of their useful lives or may be salvaged at the end of the project. This value is to be included in the cash flows (less the costs associated with their sale or disposal).
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