Quality Decision Making: Identification of Benefits
Continuing with the cost-benefit analysis for the issue you examined in the second Unit 5 discussion, proceed with the identification and quantification of benefits, per Plowman's 2014 "Writing a Cost-Benefit Analysis" article. In your initial post, briefly restate the issue for which you conducted the cost-benefit analysis, and then apply Plowman's process:
1. Make a list of all monetary benefits that will be experienced upon implementation and thereafter. These benefits include direct profits from products and/or services, increased contributions from investors, decreased production costs due to improved and standardized processes, and increased production capabilities, among others.
2. Make a list of all non-monetary benefits that one is likely to experience. These include decreased production times, increased reliability and durability, greater customer base, greater market saturation, greater customer satisfaction, and improved company or project reputation, among others.
3. Assign monetary values to the benefits identified in steps one and two. Be sure to state these monetary values in present value terms as well.
4. Add all anticipated benefits together to get a total benefits value. (Plowman, 2014)
Posts should be in outline form with at least one APA-formatted reference. The subject or issue for the cost-benefit analysis stated in the discussion in the previous unit is the subject to be continued in this discussion. Each of Plowman's four steps for benefit identification and quantification must be addressed in a succinct manner. Your initial post must be a minimum of 150 words.
Reference -
Plowman, N. (2014). Writing a cost-benefit analysis. Retrieved from
https://www.brighthub.com/office/project-management/articles/58181.aspx