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I'm surprised he rates cost-benefit analyses as a 2 ("occasionally" used) rather than a 1 ("frequently" used). Making good decisions almost always requires taki
by csallen 10y ago
I'm surprised he rates cost-benefit analyses as a 2 ("occasionally" used) rather than a 1 ("frequently" used). Making good decisions almost always requires taking a hard look at both the costs and the benefits. It cannot be overstated how often bad decisions are made because the parties involved simply neglected to factor in the costs (including opportunity costs).
I personally use cost-benefit analyses for every non-trivial decision in my life.
- BrandonM 10y agoBut did you consider the costs of rating it as a 1 rather than a 2?
- BurningFrog 10y agoYeah, the "X has a benefit, so we should do X" fallacy is really common, both in software development, politics, and most everywhere.
- jsprogrammer 10y agoOne problem with cost-benefit analyses are the unknown-unknowns. Just because you have a cost-benefit model, it doesn't mean the model reflects the reality of your situation. There is a very real risk that much time is spent considering eventualities that can never occur, while ignoring all of the things that are actually happening.