My Learning Cart
?
Categories
Account

What is a common method used to evaluate the effectiveness of resource allocatio

₹0.0
Login to Download
  • 📥 Instant PDF Download
  • ♾ Lifetime Access
  • 🛡 Secure & Original Content

What’s inside this PDF?

Question: What is a common method used to evaluate the effectiveness of resource allocation? (2023)

Options:

  1. Cost-benefit analysis
  2. Market research
  3. Surveys of public opinion
  4. Random sampling

Correct Answer: Cost-benefit analysis

Exam Year: 2023

Solution: 

Cost-benefit analysis is a common method used to evaluate the effectiveness of resource allocation by comparing the costs and benefits of different options.

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)
  1. Cost-benefit analysis
  2. Market research
  3. Surveys of public opinion
  4. 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.
  • Cost-Benefit Analysis – A systematic approach to estimating the strengths and weaknesses of alternatives in order to determine the best option for resource allocation.
Soulshift Feedback ×

On a scale of 0–10, how likely are you to recommend The Soulshift Academy?

Not likely Very likely
Home Practice Performance eBooks