A key technique in managerial accounting/finance is the use of Cost Benefit Analysis to help management make better business decisions.

Define this approach in your own words and discuss 1-2 applications of this concept in the Acquisition/Contracting work environment (examples might include make vs. buy, plant location, new product or packaging, downsizing, acquisition/divestiture, etc.).

Discuss a variable or assumption within the project where the data was difficult to obtain -- and what you did to develop a reasonable assumption for the project economics. Additionally, share or create one example where using financial data and cost benefit analysis did or could have led to a better decision.