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Human Resource Development - Benefit Evaluation and Cost-Effectiveness Evaluation

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What is the difference between cost/benefit evaluation and cost-effectiveness evaluation? When would you use each, and why?

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Solution Summary

This solution discusses the difference between cost and benefit evaluations and cost-effective evaluations.

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Cost effectiveness evaluation is a process of evaluating the costs of an initiative, program or action with the major benefits and outcomes of such initiative, program or action whereas cost benefit analysis expresses such analysis in quantitative terms or dollar value. Let us understand this with the help of an example. Let's say that the organization is implementing a CRM system for its customer service ...

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