Cost Benefit Analysis
1. What is it? Before going any further, it is important to first understand what is Cost Benefit Analysis (CBA) ? - It is a methodology used to evaluate the total anticipated cost of a project compared to the total expected benefits over the appropriate period of time in order to determine whether a proposed project is worthwhile for a company or team. To put it simply, CBA is a simple and quantitative method to assess investments in WHS initiatives. 2. Reasons why CBA is a good thing There are several important advantages of conducting a Cost Benefit Analysis, as this evaluative method is relatively straight forward , easy to use and understand. Furthermore, comparability is another advantage of this tool, by quantifying all costs and benefits a CBA helps managers easily compare various initiatives against each other and turn a subjective argument into something far more objective. 3. Limitations Since...