When managing a project, one is required to make a lot of key decisions. There is always something that needs executing, and often that something is critical to the success of the venture. Because of the high stakes, good managers don't just make decisions based on gut instinct. They prefer to minimize risk to the best of their ability and act only when there is more certainty than uncertainty.

But how can you accomplish that in a world with myriad variables and constantly shifting economics? The answer: consult hard data collected with reporting tools, charts and spreadsheets. You can then use that data to evaluate your decisions with a process called cost benefit analysis (CBA). An intelligent use of CBA will help you minimize risks and maximize gains both for your project and your organization.

With any additional research, please answer the following:

1. How do you quantify the benefits of your project? (make sure to add research to back up your justification)
2. What is the payback period? If it's quantifiable, share the reasoning and your numbers, if it's qualitative, share the justification.
3. How does the value for your project vision change now that you have tangible facts to back it up?