The Power of Cost-benefit Analysis

in #motivation2 years ago (edited)



Today I'll be recommending one of the most effective ways to achieve different beneficial schedules in life as an individual without risking much of your money, time or ideas.

In achieving a set goal, it is advisable to weigh the consequences (cost) and benefits if you want to achieve or get a positive results. This is why we'll be adopting this method.

A cost-benefit analysis is one of the simplest way of comparing different options to determine whether or not to continue with a project. The idea works when you weigh the costs of you decision against its benefits, thereby identifying which action gives you the most satisfaction.

Nobody likes when things start going opposite to what they expected, its unfortunate that life doesn't always give us according to our desires. Thus, it is necessary to embark on a task using this analysis to avoid unnecessary and massive loss.

Embarking On A Task

First of, you have to Identify the core goals of your task and the target of your task. Like wise, Identify the major consequences of not carrying out the task.

After identifying your task and spelling out your goals and target, the next thing is weighing the cost incurred and the benefits attached, obviously your goal is towards the benefits. If the different between the benefits and the cost is enormous, such that the cost is higher than the benefits, then there is a need for a thorough review. If such problem has been reviewed and there is no significant change, you probably have to let it go.

Most collapsed business made the mistake of ignoring the consequences of every task. It gives you a big blow that would demoralize your ability to perform the task. If you wish to be successful, you most consider the long term implication of your project.

I'll like to point out that cost doesn't necessarily mean money, cost could be your physical effort, pressure, mental and psychological settings.

Lastly, a cost-benefit analysis enables individuals improve in aspect of their decisions, by having appropriate information on the costs and benefits of decisions regarding investment. Most decisions about investment involve choices between various risk management options, cost-benefit analysis can be very useful. If the stress doesn't worth the profit (achievement) of the project, you should restrategize.

Coin Marketplace

STEEM 0.21
TRX 0.07
JST 0.030
BTC 20499.80
ETH 1183.73
USDT 1.00
SBD 2.94