What is the primary focus of the 'Cost-Benefit Analysis' in resource allocation?

What is the primary focus of the 'Cost-Benefit Analysis' in resource allocation? (2023)

What is the primary focus of the 'Cost-Benefit Analysis' in resource allocation? (2023)

Step 1: Understand what 'Cost-Benefit Analysis' means. It is a method used to evaluate the costs and benefits of a decision or project.
Step 2: Identify the costs involved. This includes all expenses that will be incurred.
Step 3: Identify the benefits. This includes all the positive outcomes or gains from the decision or project.
Step 4: Compare the total costs to the total benefits. This helps to see if the benefits outweigh the costs.
Step 5: Make a decision based on the comparison. If benefits are greater than costs, it is a good choice; if not, reconsider.

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