Cost Benefit Analysis With Example | Quantitative and Qualitative Aspects | MIS Lecture 11 | ISM
In this video you will learn- What is Cost Benefit Analysis with example? How Cost Benefit analysis is related to Quantitative and Qualitative aspects in MIS or any organization. MIS Lecture 11- of syllabus of BBA/ /BCA/B.Com(Hons)/MCA/MBA of Paper- Management Information System/Information Systems management.
What is Cost Benefit Analysis?
A cost benefit analysis is also known as a benefit cost analysis.
It is an important process for organizations through which they analyze their decisions, systems or projects so that they can get maximum benefits out of it.
It can be explained as a method to estimate all costs involved in the business and possible profits to be derived from a business project.
Why Cost Benefit Analysis is important for an organization?
Cost Benefit analysis (or CBA) is one of the main ways used by people to take decisions in organizations.
Before building a new plant or taking on a new project, managers conduct a cost-benefit analysis to evaluate all the potential costs and benefits that a company might generate from the project.
The outcome of the analysis will determine whether the project is financially feasible in terms of profit or if the company should pursue another project.
Cost Benefit Analysis is the ground of the decision-making process used in multiple organizations a variety of disciplines .
For Example a situation where the cost benefit analysis process can be applied is:
A company has a product which is already designed and in case that design has to be improved and whether a new staff must be employed for the same or not. To decide this Cost benefit analysis can be done by finding ratio i.e
BENEFITS/COSTS has to be greater than 0
Signifying that the project will be beneficial.
In this Lecture also entire process of Cost Benefit Analysis has been explained with example. It includes all the types of Costs and types of benefits that must be included while finding ratio. Moreover How Cost Benefit analysis is related to Quantitative and Qualitative aspects in MIS or any organization? has also been explained from the point of view of MIS/ISM Subject.
Simple Digital School includes all detailed notes in the lectures for the students to make it easier for them to understand and write in easy language.
You can find below the Links of UNIT 1 and and UNIT 2 (whoch is DBMS) as per new syllabus. From Lecture 11 onwards all UNIT 3 has been completed now.
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