List and Describe the Four Common Approaches for Conducting a Cost-Benefit

question 126

Essay

List and describe the four common approaches for conducting a cost-benefit analysis. What are the difficulties associated with conducting these approaches for IT projects? What approach would you use to justify the implementation of a website that allows customers to post comments on it and why?

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Definitions:

Customer Service Strategy

A comprehensive plan that outlines how a company will interact with its customers to enhance satisfaction and retain loyalty.

Responsiveness

A metric that measures the firm’s ability and willingness to provide fast service, answer customer inquiries, and resolve problems.

Empowerment

Giving employees permission to make decisions and take action on their own to help customers.

Predictive Modeling

The process of using data mining and probability to forecast outcomes. Each model is made up of a number of predictors, which are variables that are likely to influence future results.