Cost-Benefit Analysis

A technique for comparing effective costs with the expected benefits of a course of action. Can also be used to compare several possible options to choose the best one

What is it?

A technique for comparing effective costs with the expected benefits of a course of action. Can also be used to compare several possible options to choose the best one

When to use it?

• Test your commitment to a goal
• Evaluate a proposed course of action
• Explore and evaluate different possibilities, in terms of the expected outcomes vs. cost of achieving these.

How to use it?

• Clarify your goal statement. Write this down on a flip chart at the top.
• Split the page in two. Advantages and costs
• List all the potential advantages of achieving your goal: to yourself, for other people, for the wider context (family or department, organisation)
• List all the potential disadvantages: for yourself and in the wider context.
• Think of this as a balance of scales.
• Assess if the benefits of working to achieve this goal outweigh the costs