Discussion
Match the method with when it is appropriate.
1. Benefit cost analysis 2. Cost effectiveness analysis 3. Incremental benefit cost analysis
P. Benefits resist monetary valuation Q. Benefits can be valued in money R. Choosing among mutually exclusive alternatives
Answer: A
Correct answer: 1-Q, 2-P, 3-R
Each method answers a different question. Benefit cost analysis requires the benefits to be expressible in money and then says whether the project is worth doing. Cost effectiveness applies where they are not, and compares ways of achieving a given outcome. And incremental analysis is the technique for choosing among mutually exclusive alternatives once either measure is available.
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