Quality Decision Making: Identification of Benefits
Continuing with the cost-benefit analysis for the issue you examined in the second Unit 5 discussion, proceed with the identification and quantification of benefits, per Plowman’s 2014 “Writing a
Cost-Benefit Analysis” article. In your initial post, briefly restate the issue for which you conducted the cost-benefit analysis, then apply Plowman’s process:
Make a list of all monetary benefits that will be experienced upon implementation and thereafter. These benefits include direct profits from products and/or services, increased contributions from
investors, decreased production costs due to improved and standardized processes, and increased production capabilities, among others. Make a list of all non-monetary benefits that one is likely to
experience. These include decreased production times, increased reliability and durability, greater customer base, greater market saturation, greater customer satisfaction, and improved company or
project reputation, among others. Assign monetary values to the benefits identified in steps one and two.