Cost-benefit analysis
Where you might hear it: From a politician or someone working in local government.
What does it mean: Cost-benefit analysis is a way of working out whether or not a project is worth embarking on. It is used to weigh up the financial expense of doing something with the likely benefits. Therefore a project would only get the go-ahead if the potential "payback" outweighs the initial costs. The main problem with using the approach is that it demands a price is put on something intangible, such as a person's welfare. This is hugely controversial because "values" can be interpreted in numerous different ways.
Register Now to Continue Reading
Thank you for visiting Children & Young People Now and making use of our archive of more than 60,000 expert features, topics hubs, case studies and policy updates. Why not register today and enjoy the following great benefits:
What's Included
-
Free access to 4 subscriber-only articles per month
-
Email newsletter providing advice and guidance across the sector
Already have an account? Sign in here
