When Using Cost-Benefit Analysis to Arrive at an Answer, What

question 85

Multiple Choice

When using cost-benefit analysis to arrive at an answer, what is the second step?

• A) To identify the benefits of an action, and then to add up their value
• B) To identify the costs of an action, and then to add up their value
• C) To compare the value of the costs to the value of the benefits
• D) To identify the principles of justice involved

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Definitions:

Heuristic Modeling

A simplifying approach in problem-solving that employs practical methods or shortcuts, even at the risk of inaccuracy, to reach decisions or judgments.

Data Mining

The process of analyzing large datasets to discover patterns, trends, and relationships that can inform decision-making and strategy development.

Predictive Information

Data or insights used to make forecasts about future events, trends, or behaviors, often leveraged in strategic planning and decision-making.

Large Databases

Extensive collections of structured data that are stored and managed electronically, often used by organizations to store vast amounts of information efficiently.