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How is "cost-benefit analysis" defined within MACS principles?

A method of budgeting expenses

A summary of financial outcomes

A comparative evaluation of the costs and benefits of a project or decision

Cost-benefit analysis is a critical tool used within MACS principles to assess the viability of projects or decisions by systematically comparing the expected costs against the anticipated benefits. This method allows organizations to make informed choices by quantifying the advantages (benefits) in relation to the resources consumed (costs). The analysis helps in understanding whether the benefits derived from an investment or decision outweigh the costs incurred, thereby guiding effective decision-making.

This approach is not limited to budgeting expenses, summarizing financial outcomes, or evaluating employee performance. Instead, it focuses specifically on making a comparative evaluation that allows decision-makers to weigh options clearly, ensuring that resources are allocated efficiently and effectively toward projects that yield the highest return relative to their costs.

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A tool for employee performance assessment

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