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Social Cost Benefit Analysis I - Project Management, Entrepreneurship & Small Businesses Video Lecture | Entrepreneurship & Small Businesses - B Com
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FAQs on Social Cost Benefit Analysis I - Project Management, Entrepreneurship & Small Businesses Video Lecture - Entrepreneurship & Small Businesses - B Com
| 1. What is social cost-benefit analysis? |  |
Ans. Social cost-benefit analysis (SCBA) is a technique used in project management, entrepreneurship, and small businesses to evaluate the costs and benefits of a project or business decision from a societal perspective. It involves identifying and quantifying both the monetary and non-monetary costs and benefits associated with a project, and then comparing them to determine if the project is socially desirable.
| 2. How is social cost-benefit analysis different from traditional cost-benefit analysis? | |
Ans. Social cost-benefit analysis differs from traditional cost-benefit analysis by considering the impacts of a project on society as a whole, rather than just focusing on the financial costs and benefits for the project owner. It takes into account externalities, such as environmental impacts or social welfare effects, which are often overlooked in traditional cost-benefit analysis.
| 3. What are the steps involved in conducting a social cost-benefit analysis? | |
Ans. The steps involved in conducting a social cost-benefit analysis include:
1. Identifying all the costs and benefits associated with the project.
2. Assigning a monetary value to each cost and benefit.
3. Adjusting the values for the time value of money.
4. Analyzing the net present value of the project by subtracting the total costs from the total benefits.
5. Considering the distributional impacts of the project on different stakeholders.
6. Conducting sensitivity analysis to assess the robustness of the results.
| 4. How can social cost-benefit analysis help in project management? | |
Ans. Social cost-benefit analysis can help in project management by providing a systematic framework to assess the societal impacts of a project. It helps project managers to understand the trade-offs between different costs and benefits, and to make informed decisions based on the overall social desirability of the project. It also allows for the consideration of externalities and the inclusion of stakeholders' perspectives, leading to more sustainable and socially responsible project outcomes.
| 5. What are the limitations of social cost-benefit analysis? | |
Ans. Some limitations of social cost-benefit analysis include:
1. Difficulty in assigning monetary values to non-market goods and intangible benefits.
2. Bias in the selection and measurement of costs and benefits.
3. Uncertainty in future projections and discounting rates.
4. Difficulty in capturing the full range of social impacts, especially those affecting vulnerable or marginalized groups.
5. Potential for conflicts between different stakeholders' preferences and values.
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Nov 22, 2024 Last updated |
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