Cost+Benefit+Analysis+ECON

A cost benefit analysis can be used with anything. For example, to determine whether or not to marry someone, or if whether buying a certain stock is beneficial for my financial gain. How it works is that they take the positive factors of a decision and subtract the negative factors of the decision. This helps people make important decisions life by whether they are advisable or not. For Example, the athletic teams would use a cost benefit analysis to convince the school board to put in field turf. When presenting a cost benefit analysis, facts are a necessity to favorably presenting the plan. For example, the field turf costs less to maintain and in the long run it would cost less. Everyone can use it with out ruining the field; even intramural sports can use the field. The negatives include, history of more people getting hurt on the turf. Also, the calculations with the new field would cost about a million dollars, but its almost $0.00 to maintain it, and it has unlimited use so everyone can use it. The grass field needs constant attention, and needs workers to plant seeds, water, fertilize and cut it. By not paying the workers and the cost of seeds, fertilizers, and water you save about $50,000- $100,000 a year, so in the long run you are saving money. In general, this cost benefit analysis shows that it would cost a lot of money, but in the long run, money would be saved.

Below is a picture Example of a Cost Benefit Analysis



[], The Title of this article is A New Turf War/Synthetic Turf in New York City Parks, The Article relates to Cost Benefit Analysis, because just like in my example above, the author also talks about the positive and negatives it would have in the community. They talk about the positive and negatives of money, environmental impact, patience, and the safety of the fields compared to grass