cost-benefit analysis

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Explanation of "Cost-Benefit Analysis"

Definition:
"Cost-benefit analysis" is a method used to compare the costs (what you have to spend) and benefits (what you gain) of different options or decisions. The goal is to determine which option is the best choice based on whether the benefits are greater than the costs.

Advanced Usage

In more advanced discussions, "cost-benefit analysis" can be applied to various fields, such as healthcare, environmental policy, and public projects, where multiple factors must be considered to make informed decisions.

Word Variants

• Cost-Benefit (adjective): Describing something that relates to costs and benefits (e.g., cost-benefit ratio).
• Analysis (noun): The detailed examination of the elements or structure of something.

Different Meanings

While "cost-benefit analysis" specifically refers to comparing costs and benefits, the words "cost" and "benefit" can have other meanings in different contexts.

Synonyms

• Cost-effectiveness analysis
• Economic analysis
• Cost-benefit evaluation

Idioms and Phrasal Verbs

There aren’t any specific idioms directly related to "cost-benefit analysis," but you might come across phrases like: - "Weigh the pros and cons": To consider the advantages and disadvantages of something, similar to a cost-benefit analysis. - "Break even": To have no net loss or gain, often considered in a cost-benefit context to see if benefits equal costs.

Summary

"Cost-benefit analysis" is a useful tool for making decisions by comparing what you spend against what you gain.

Academic

Noun

1. an analysis of the cost effectiveness of different alternatives in order to see whether the benefits outweigh the costs