Explain the difference between cost-benefit analysis and decision analysis.
What will be an ideal response?
Cost-benefit analysis assumes that certain events will occur. The total benefits and costs created by a project will be enumerated. Projects whose total benefits exceed total costs will be considered. Typically, the project with the greatest net benefit to society will be chosen. Decision analysis, in contrast, is geared toward making policy choices under conditions of less certainty. Decision analysis assumes that in many instances government has inadequate information to make firm decisions, so choices are made based on the probabilities that certain outcomes will occur.
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