We talked in class about how some textbooks tell us that the way to conduct a...

We talked in class about how some textbooks tell us that the way to conduct a cost benefit analysisassociated with a policy is to look atthe costs and benefits beforea policy was put in place and compare them to the cost and benefits after the policy is in place. Is this correct? If so, explain why. If not, explain why not. NOTE: I realize that you should say "with" or "without" the policy, NOT "before" and "after" but I don't know why. Please explain.

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Expert Solution

Cost benefit analysis is the evaluation of the total costs involved in any business decision as compared to the benefits derived from the same. Every evaluation has one rule that the associated benefits should be more than the associated costs of any business policy or decision. Evaluation of cost to benefits is done to make a choice from various alternatives available for choosing. However, even after selecting the alternative and implementing the same, a check is made with the cost and benefits from the policy/decision after implementation. This is done for two reasons, first is that the costs and benefit analysis conducted before the implementation is based on certain assumptions regarding situations and their certainties. It may happen that the associated cost change and even the benefits after the implementation. Secondly it is done to monitor the proper conduct of a policy and take necessary measures to control if any negative deviations are found from the planned activity.

Rahul Sunny answered 1 year ago

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