What is a common method used to evaluate the effectiveness of resource allocatio
Practice Questions
Q1
What is a common method used to evaluate the effectiveness of resource allocation? (2023)
Cost-benefit analysis
Market research
Surveys of public opinion
Random sampling
Questions & Step-by-Step Solutions
What is a common method used to evaluate the effectiveness of resource allocation? (2023)
Step 1: Understand what resource allocation means. It is how resources (like money, time, or materials) are distributed for different projects or needs.
Step 2: Learn about cost-benefit analysis. This is a method used to compare the costs of an option with the benefits it provides.
Step 3: Identify the costs involved in a project. This can include expenses like materials, labor, and time.
Step 4: Identify the benefits of the project. This can include profits, savings, or improvements that result from the project.
Step 5: Compare the total costs to the total benefits. If the benefits are greater than the costs, the resource allocation is considered effective.
Step 6: Use this analysis to make informed decisions about where to allocate resources in the future.
