Cost-benefit Analysis Definition: Examples and Steps

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The point of initiating a cost benefit analysis for a project is to ensure that the services or products have value and benefits to the business. It is important to factor the benefits and pitfalls over the long-term basis where maybe an ongoing issue costs or where resources are required to be committed for the long term. The whole purpose of managing a project is ensuring your goals are met. It is important to establish what the end goal is to benefit the cost benefit analysis of a project. To decide whether to undertake the project or not with objectives. See Cost benefit analysis attached.

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In work for my project I needed to consider if the software will continue to be free? Needed to evaluate the time which would be required to tweak and enhance the software to our business needs. Consider the cost of time for training of staff and any new staff. The cost implications for time of the champion to continue to monitor the stock and update the programme with weekly deliveries.

Cost Benefits

The impact of the Clinician’s valuable time from manually entering each item i.e. consent, issuing a prescription, inserting the vaccination with the batch code and expiry date. Average time saved (1 to 1 meeting with each clinician how long it took them to record a vaccination i.e. B12) Was 4.4 minutes, as it varied between 7 minutes and 3 minutes between the clinician’s.

The appointment for a B12 injection was 15 minutes which was for the practice nurse to give the injection i.e. B12 and to record the vaccination on the system. After completing the training with the practice nurses, the smart clinic simplified the tasks so much that it was agreed that the appointments could be reduced to 5 minutes per patient just for the B12.

The saving

– £22 per hour – Cost of a 15 minutes’ appointment £5.50. Saving of £3.67 for each B12 injection given and the actual valuable minutes of time for other patients to be book in priceless.

“It can get quite stressful in a busy clinic trying to remember to do everything. Well Smart Clinic will alleviate this problem, because it enables you to prepare your data ahead of time which makes data entry quick and simple. This means you spend more time with the patient than on the computer system”.

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