Question 2Why is it important to perform a cost-benefit analysis during the initiation phase? Select all that apply.1 pointTo outline project goals and how to accomplish themTo add up the expected value, or benefits, of a project To set up a framework for what project work the team needs to doTo compare the project benefits to the costs
Question
Question 2Why is it important to perform a cost-benefit analysis during the initiation phase? Select all that apply.1 pointTo outline project goals and how to accomplish themTo add up the expected value, or benefits, of a project To set up a framework for what project work the team needs to doTo compare the project benefits to the costs
Solution
Performing a cost-benefit analysis during the initiation phase is important for several reasons:
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To add up the expected value, or benefits, of a project: This allows the project team to understand the potential return on investment (ROI) of the project. It helps to justify the project and secure funding.
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To compare the project benefits to the costs: This is the core of a cost-benefit analysis. By comparing the costs (both financial and non-financial) to the benefits, the team can make an informed decision about whether the project is worth pursuing.
The other options mentioned, such as outlining project goals and setting up a framework for project work, are also important aspects of the initiation phase, but they are not directly related to a cost-benefit analysis.
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