Cost-Benefit Analysis - a simple, quantitative way of formally deciding whether to go ahead with an initiative.
A cost-benefit analysis (CBA) subtracts the expected negative results of a project from the positives to help you decide whether it’s worth pursuing. The net result of a CBA is usually a dollar figure, so you must be able to assign a monetary value to every anticipated benefit and cost included in the analysis
A cost-benefit analysis helps you compare potential projects to see which would be the most beneficial to your business.
A cost-benefit analysis helps you compare potential projects to see which would be the most beneficial to your business.
There are many reasons why organisations invest in health & safety initiatives and, up to a certain point, it’s simply about being a responsible business.
CBA is deemed to be useful to support a health and safety investment decision.
Having said that, CBA is an extremely useful tool for WHS professionals to use when circumstances dictate. It is also evident that as health & safety issue matures, CBA will become more common in our working lives.
For more information, refer to http://personal.lse.ac.uk/sternn/040NHS.pdf
Our next blog on this subject will look at advantages and limitations of Cost benefit analysis.
CBA is deemed to be useful to support a health and safety investment decision.
Having said that, CBA is an extremely useful tool for WHS professionals to use when circumstances dictate. It is also evident that as health & safety issue matures, CBA will become more common in our working lives.
For more information, refer to http://personal.lse.ac.uk/sternn/040NHS.pdf
Our next blog on this subject will look at advantages and limitations of Cost benefit analysis.
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