Cost–Benefit Analysis

Cost–benefit analysis (CBA) is a systematic approach used to evaluate the strengths and weaknesses of available options through a critical comparison of benefits and costs. Within the educational environment, this is a strategy used to evaluate the worth of educational programs and determine the added value in relationship to the monetary cost of the program. CBA has two overarching purposes: (1) to determine whether a program, investment, or decision is sound through verifying if its benefits overshadow the costs and by how much and (2) to provide a basis for comparing programs or projects by matching the total expected costs of each option against the total cost of benefits. Although one might assume that money is the driving force behind CBA, it is primarily used ...