When it comes to quality assurance, performing a benefit/cost analysis can help with major decision-making issues of a project. You can use this quality assurance technique when assessing the procedures your company uses, so you can develop the level of products and services customers demand.
A benefit/cost analysis entails estimating the benefits and costs of meeting quality requirements, and then assessing the available project options. The main reasons for using benefit/cost analysis to determine project quality requirements are that this technique can result in:
- less rework
- higher productivity
- lower overall project costs
- improved customer satisfaction.
- Analyze the plan, decision, or process by examining its activities and events.
- Calculate or estimate the benefits and costs related to each element.
- Subtract the costs from the benefits.
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