Cost-effectiveness analysis, one of the most challenging approaches, monetizes the benefits or outcomes of a program along with its costs to compare them and observe which are greater.

Question

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Cost-effectiveness analysis does not monetize the benefits or outcomes of a program; instead, it compares the relative costs and outcomes (effects) of two or more courses of action. Cost-benefit analysis is the approach that monetizes both costs and benefits to compare them.

Cost-Effectiveness Analysis, One of the Most Challenging Approaches, Monetizes the Benefits