Management and Program Analysis: Cost Benefit Analysis

Credits CPEs: 14|CEUs: 1.4

Level Intermediate

Delivery Method(s): Classroom, Virtual

Who Should Attend

This Cost Benefit Analysis course is designed to equip individuals with the skills needed to assess the economic efficiency and effectiveness of government programs and policies. The class is suitable for various professionals who are involved in, or affected by, the decision-making process related to federal projects, investments, and policy proposals. Some individuals who may benefit from attending this class include: 

• Program and project managers: These professionals are responsible for the implementation and management of federal programs and projects. The class can help them understand the costs and benefits of different alternatives and make more informed decisions on resource allocation and program design.
  
  
• Budget analysts and financial managers: Budget and financial professionals in federal agencies need to assess the cost-effectiveness of proposed programs and projects as part of their budgetary planning and control responsibilities. The class can help them integrate cost-benefit analysis techniques into their budgeting and financial management processes.
  
  
• Policy analysts and advisors: Policy professionals need to evaluate the economic implications of various policy options and provide evidence-based recommendations to decision-makers. The class can help them incorporate cost-benefit analysis into their policy analysis toolkit.
  
  
• Contracting and procurement officers: These professionals are responsible for acquiring goods and services for federal agencies. A cost-benefit analysis class can help them assess the value for money of different procurement options and make more informed decisions on contract awards and procurement strategies.
  
  
• Regulatory analysts and specialists: Individuals involved in the development and implementation of federal regulations need to understand the costs and benefits of different regulatory options. The class can help them conduct cost-benefit analyses for regulatory impact assessments and support evidence-based regulatory decision-making.
  
  
• Environmental and natural resource managers: These professionals are responsible for managing federal lands, resources, and environmental programs. The class can help them assess the costs and benefits of various environmental policies, resource management strategies, and conservation initiatives.
  
  
• Performance measurement and evaluation specialists: These professionals are responsible for monitoring and evaluating the performance of federal programs and projects. The class can help them incorporate cost-benefit analysis techniques into their performance measurement and evaluation practices.
  
  
• Senior executives and managers: High-level decision-makers in federal agencies need to understand the economic implications of their decisions and ensure that their agencies' programs and policies are cost-effective. The class can provide them with valuable insights into the use of cost-benefit analysis in decision-making.

Suggested Prerequisite: Students should take Management and Program Analysis (343 Series): An Introduction or be familiar with the concepts and principles covered in that course.

Course Overview

Do you need to make or assist others in making decisions based on cost factors? Are you responsible for making purchases, managing manpower (FTEs), space management, or scheduling travel for your organization? If so, this course is for you! Federal agencies often face limited resources, requiring careful consideration of the cost and benefits of proposed purchases, policies, actions, changes, or initiatives. Trade-offs are frequently necessary for change to happen. This practical, hands-on course equips students with the necessary skills to understand, design, and conduct cost-benefit analyses for various projects and policy proposals. 

Course Objectives

• Develop a foundational understanding of cost-benefit analysis concepts: define cost-benefit analysis, understand its purpose, and differentiate it from other types of economic analyses.
  
  
• Learn the principles and steps involved in conducting a cost-benefit analysis: identifying and defining the problem, specifying alternatives, identifying relevant costs and benefits, quantifying and monetizing costs and benefits, discounting future values, and conducting sensitivity analyses.
  
  
• Understand the role of cost-benefit analysis in decision-making: how cost-benefit analysis can help inform policy decisions, investment choices, and resource allocation, and how it can be used to compare different alternatives and prioritize projects.
  
  
• Apply critical thinking and ethical considerations: recognize potential biases, limitations, and ethical concerns in cost-benefit analysis, and be able to address them when conducting analyses.
  
  
• Develop practical skills in using cost-benefit analysis tools and techniques: provide students with hands-on experience in conducting cost-benefit analyses using real-world examples and case studies, as well as using relevant software and tools.
  
  
• Enhance communication and presentation skills: Learn to effectively communicate the results of a cost-benefit analysis to various stakeholders, both in writing and orally, in a clear, concise, and persuasive manner.
  
  
• Encourage collaboration and teamwork: promote a collaborative learning environment where students can work together on group projects, share ideas, and learn from one another.
  
  
• Foster critical evaluation of cost-benefit analyses: Teach students to critically review and evaluate cost-benefit analyses conducted by others, and provide constructive feedback.