Cost-Benefit Versus Cost-Effective Analyses
Description
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, it is important to use economic approaches to better understand the real costs of governmental programs.
This week you will research costs-benefit analysis and cost-effective analysis of the foreign policy and homeland security that you are evaluating.
To inform the stakeholders you identified in Week 2, create a paper detailing the fiscal analysis you deem necessary for gauging the cost of the policy.
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?
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. See table example attached.
