Cost-Benefit Vs. Cost-Effective Analysis

Background: Appraising the value of public policy should include a budgetary assessment. As a professional in the field, you will not only need to perform the assessment but also select how the assessment will be performed.

Because public policies can be expensive, economic approaches are essential to better understanding the actual costs of governmental programs.

This week, you will conduct a cost-benefit analysis and cost-effective analysis of the policy that you are evaluating.

STEP 1: Review- To inform the stakeholders you identified in Week 2, add 10 to 15 slides detailing the fiscal analysis you deem necessary to gauge the policy's cost. Do not make a new slide deck - expand on the one that you previously submitted during Week 2 and adjust for feedback that was provided.

STEP 2: Consider the following questions about the policy that you evaluated in Week 2:

What cost-benefit analysis would you apply?

What steps would you go through?

What kinds of data would you need to conduct such an analysis?

What financial and human resources would this analysis require?

What results would you expect?

What cost-effectiveness analysis would you apply?

What steps would you go through?

What kinds of data would you need to conduct such an analysis?

What financial and human resources would this analysis require?

What results would you expect?

STEP 3: Add a Summary Document for your stakeholders that includes a quick guide table that will be attached to the report you give them in Week 6. Populate the table with the answers to the questions listed above for each cost analysis.

STEP 4: Format your PowerPoint presentation to ensure that the slides only contain essential information and as little text as possible. Do not design a slide made up of long bullet points. Your speaker notes convey the details you would give if you were presenting.