What is Cost-Benefit Analysis?

A cost-benefit analysis is similar to making a wise purchasing selection for your project. Consider two phones: one is a little more costly but has all the functions you want, while the other is less expensive but may not have everything. You weigh their expenses and advantages to determine which one offers the best value for money. It’s similar with projects; you analyze the costs and benefits of several options to determine which one will provide you with the greatest value. It assists you in making judgments by weighing both the costs and the rewards, ensuring that the advantages surpass the expenses.