NHS 6008 Discussion Comparative Economic Analysis

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NHS 6008 Discussion Comparative Economic Analysis

NHS 6008 Discussion Comparative Economic Analysis

To complete this discussion:

Briefly describe the five different types of comparative
economic analysis.

Provide an example of application for each within your
current or desired workplace.

Post according to the Faculty Expectations Response
Guidelines. Remember to cite the readings, resources, and research that you
have used in the development of your post.

Response Guidelines

Respond to the posts of other learners according to the
Faculty Expectations Response Guidelines.

How is the application of the various analyses different in
your workplace?

DQ2 Economic Valuation

To complete this discussion:

Discuss three of the following methods for valuation:

Human capital.

Risk preference.

Contingent valuation.

Cost-benefit ratio.

Analyze which method best fits a selected problem or issue
in your current or desired workplace.

Discuss why you think this method has the best fit.

Post according to the Faculty Expectations Response
Guidelines. Remember to cite the readings, resources, and research that you
have used in the development of your post.

Response Guidelines

Respond to the posts of other learners according to the
Faculty Expectations Response Guidelines.

What are the similarities and differences in the problem or
issue you selected?

Did you choose the same method for solving the problem? Why
or why not?

What is economic analysis? Definition and examples

Economic analysis involves assessing or examining topics or issues from an economist’s perspective. Economic analysis is the study of economic systems. It may also be a study of a production process or an industry. The analysis aims to determine how effectively the economy or something within it is operating. For example, an economic analysis of a company focuses mainly on how much profit it is making.

Economists say that economic analysis is a systematic approach to find out what the optimum use of scarce resources is.

Template.net, which supplies ready-made analysis templates, says that economic analysis involves comparing at least two alternatives in achieving, for example, a certain goal under specific constraints and assumptions.

Economic analyses factor in the opportunity costs that people or companies employ. They measure, in monetary terms, what the benefits of a project are to the economy or community.

Opportunity cost is all about evaluating the option you gave up when you made a choice.

FBSMY.com, which has an economic calendar, has the following definition of the term:

“Economic is the study of economic systems or a production process. The aim is to determine whether it operates effectively and how profitable it is.”

Put simply; economic analysis is all about analyzing the economic aspects of something.

Apart from economists, statisticians and mathematicians may also carry out economic analysis.

Image created by Market Business News.

According to the Asian Development Bank: “Economic analysis is a means to help bring about a better allocation of resources that can lead to enhanced incomes for investment or consumption purposes. Therefore, it is best undertaken at the early stages of the project cycle.

Economic analysis – methods

For companies, the goal of an economic analysis is to provide a clear picture of the current economic climate. Specifically, what the impact of the economic climate is or might be on the company’s ability to operate commercially.

In this context, ‘economic climate‘ means ‘economic conditions,’ i.e., the state of the overall economy.

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The people conducting the analysis carry out an in-depth appraisal of the market’s strengths and weaknesses. They may choose from several different methods.

Cost/benefit analysis

This type of economic analysis tries to determine a project’s feasibility. Some people may refer to it as a feasibility study.

Those carrying out the study weigh its costs against its potential benefits.

A business may perform a cost-benefit analysis before, for example, purchasing four robots for the warehouse. Each robot can do the work of five human workers.

Currently, the business has 20 warehouse employees. They earn $30,000 per year each, i.e., they represent a total annual wage bill of $600,000.

Without factoring in wage increases and inflation, the business will have spent $6 million on warehouse staff over a 10-year period.

The robots cost $150,000 each. The price includes ten years of free maintenance. Therefore, the cost of automating the warehouse is $600,000.

The company must also employ a roboticist, whose salary is $50,000 per year.

Over a ten-year period, the cost of the robots plus the roboticist will be $600,000 + $500,000 = $1.1 million.

The company will save $4.9 million over that ten-year period if it replaces the human workers with robots.

It might save even more after that because nobody knows for certain how long the robots will last.

After looking at the cost/benefit analysis, the directors will probably decide to go ahead with the project.

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