Steps of cost benefit analysis mnemonic
COST BENEFIT Analysis RAP
COST=COST determination
BENEFIT=calculate BENEFIT
A=Alternatives compared(compare alternatives)
RAP=Report & Action Plan
BENEFIT is expressed in MONETARY terms in cost benefit analysis....
Cost effective analysis is similar to cost benefit analysis but it do not express BENEFIT in MONETARY terms rather it is expressed in terms of RESULTS ACHIEVED...
RESULTS ACHIEVED in medical field is number of lives saved, number days free from disease etc.....
So in medical field cost effective analysis is better than cost benefit analysis.....
COST BENEFIT Analysis RAP
COST=COST determination
BENEFIT=calculate BENEFIT
A=Alternatives compared(compare alternatives)
RAP=Report & Action Plan
BENEFIT is expressed in MONETARY terms in cost benefit analysis....
Cost effective analysis is similar to cost benefit analysis but it do not express BENEFIT in MONETARY terms rather it is expressed in terms of RESULTS ACHIEVED...
RESULTS ACHIEVED in medical field is number of lives saved, number days free from disease etc.....
So in medical field cost effective analysis is better than cost benefit analysis.....
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