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How to Perform a Cost-Benefit Analysis
Overview/Description
Everyone makes choices. In their daily
work, technical professionals and business analysts
routinely consider different means to improve
performance and results. Sometimes, the “means” are
alternative project approaches; sometimes, the means
are acquisition of competing products or services.
The challenge is always to answer the question:
“Which choice is best?” The cost-benefit
analysis reveals the answer.
Today’s decision-makers demand hard facts before they approve a project or authorize an acquisition. Cost-benefit analysis (CBA) is the technique business-savvy IT organizations use to identify the “best” choice. A credible CBA provides hard facts that answer three fundamental questions:
- What must we accomplish to succeed?
- What are the pros & cons of the viable choices?
- Which choice is "best"?
IT professionals and business analysts are expected to deliver the answers in the form of a cost-benefit analysis. The challenge for most is that they don’t have an easy-to-follow procedure to guide their analysis and presentation.
Learn the basics in plain English.
Target Audience
Our workshop participants are busy
technical and business professionals who are expected to use and present
credible cost-benefit analyses to make and defend their choices.
Professionals in commercial or government organizations who propose and make project and acquisition decisions. This is for people who:
- Perform all or part of a cost-benefit analysis
- Review CBA’s prepared by others
- Use CBA information to do their job
Learning
Objectives & Take-Aways
This workshop is practical rather then
theoretical. Participants learn “what to do” and
“how to do it” step-by-step. Every participant will
be able to develop facts:
- Objective – Accomplish what?
- Benefits & Costs – What do we “get” and at what cost?
- Risk & ROI – What are the impediments to “success” and what’t the return?
Every participant receives an 80-page session workbook. The class workbook includes: step-by-step CBA preparation instructions, more than 25 useful writing and data table templates, and three major illustrative examples.
Prerequisites
There are no prerequisites for this workshop.
Participants often ask several important questions about prerequisites during the workshop. Here are three:
1. Do I need to know accounting or finance?
No. Accounting or finance knowledge is not required
for this workshop. When budget-related topics are
discussed (e.g., “ownership cost”), the material is
presented and explained in plain language that
anyone can understand.
2. I’m a technical professional. What value is
cost-benefit analysis to me?
Every professional must make a choice when deciding
which action is “best”. The decision can be based
upon facts or “gut” feeling. The cost-benefit
analysis methodology gives anyone a tool to develop
the facts they need to make the best choice. Yes,
cost-benefit analysis is a valuable tool for
technical professionals.
3. This is all new to me. Will this be over my head?
Very few people have formal cost-benefit analysis (CBA)
training. Even if you have never seen a CBA, you
will learn and apply the straightforward
step-by-step technique taught in this class.
If you have other questions about prerequisites or aren’t sure if this workshop is for you, just ask. We will be pleased to answer any questions or concerns. Write to us at inquiries@RMS.net. One of our expert trainers will answer you. No sales person will contact you – we don’t have any!
Course Length
This is a two-day workshop.
RMS’ curriculum is designed to meet the needs of busy professionals. Learn what you need to know, when you need to know it.
More Information
About the CBA Workshop
You are likely to have some questions
about this workshop, e.g., “how much does it cost?”
Click here to
see answers to the following questions:
- How much does this workshop cost?
- Where is it delivered?
- How is this different from other cost-benefit analysis courses?
- Is this a basic or advanced workshop?
- Information technology is emphasized – is this useful for other purposes?
- How large are the classes?
- How is the workshop presented?
- We’re considering an in-house delivery, how can I get a cost quote?
- We want the course at our location; but we don’t have enough people to fill a class. What are our options?
- I’m not sure if this is right for me. Can I speak with an instructor?
- How can I get a copy of the workshop syllabus?
- Can I see some of the class media materials?
- What is the workshop instructor’s experience?
- Do government agencies use the CBA for project & acquisition decisions?