Cost-Benefit Analysis Template
Assess pros and cons and improve your informed decision-making.
Trusted by 65M+ users and leading companies
About the Cost Benefit Analysis Template
What is a cost benefit analysis?
Every business decision comes with potential rewards, as well as potential risks. Your decision might expand the business, introduce a new product, or tap into a new supply chain, but it also might cost the organization precious time, money, or social capital. Without a systematic way of analyzing costs and benefits, you may find making decisions an arduous task.
Cost benefit analysis (CBA) is an analytical tool that helps your team assess the pros and cons of moving forward with a business proposal. This technique helps you decide the best course of action to take with a new project by analyzing each option.
When to use a cost benefit analysis
You can use a CBA to compare completed or potential processes, or to estimate the value against the risks of decisions, projects, or processes. Your team can use this powerful, efficient tool in commercial transactions, business decisions, and project investments.
Advantages of using a cost benefit analysis
Organizations make high-stakes choices all the time. Chances are high that your competition is weighing many of the same factors that you are. That’s why it’s crucial to approach decisions in a systematic, methodical way.
A cost benefit analysis allows you to weigh the potential costs of a decision without having to actually incur those costs. It helps your team decide whether the benefits outweigh the costs. If you have no choice but to incur costs, the analysis can provide an estimate for the time it will take to repay those costs.
Perform your own cost benefit analysis
Miro’s whiteboard tool is the perfect canvas to create and share your team’s cost benefit analysis. Get started by selecting this Cost Benefit Analysis Template. Then, follow these steps:
Step 1: Brainstorm costs and benefits. Make a list of each. Try to think of unexpected costs or benefits that your team might not have immediately anticipated. Once you have a list of costs and benefits, think about whether those costs and benefits are likely to change or grow over time.
Step 2: Figure out the monetary value of the costs. Will you need to hire employees? Train them? Will you experience a decrease in productivity while new hires get up to speed? If you introduce a new feature, will your system experience an outage that impacts your customers
Step 3: Now assign a monetary value to the benefits. Do your best to estimate potential revenue, but don’t confine yourself to cash. Think about “soft” benefits like positive word-of-mouth, employee satisfaction, or environmental preservation.
Step 4: Compare your costs and benefits. Which seems greater? How long would it take to repay any costs?
Get started with this template right now.
Team´s High Performance Tree
Works best for:
Agile, Meetings, Workshops
The Team's High Performance Tree is a visual representation of the factors influencing team performance. It provides a structured framework for identifying strengths, weaknesses, and areas for improvement. By visualizing factors such as communication, collaboration, and leadership, this template enables teams to assess their performance and develop strategies for enhancement, empowering them to achieve peak performance and deliver exceptional results.
Workshop and Meetings Energizers Template
Works best for:
Icebreakers, Meetings
Begin every online session by engaging people right away with workshops and meeting energizers.
UXD Empathy Map Template
Works best for:
Research & Design, Market Research
UXD Empathy Map helps you gain a deep understanding of your users. By mapping their experiences, thoughts, and emotions, you can design products that truly resonate. This template is perfect for UX designers aiming to create user-centered designs.
Card Sorting Template
Works best for:
Desk Research, UX Design, Brainstorming
Card sorting is a brainstorming technique typically used by design teams but applicable to any brainstorm or team. The method is designed to facilitate more efficient and creative brainstorms. In a card sorting exercise, you and your team create groups out of content, objects, or ideas. You begin by labeling a deck of cards with information related to the topic of the brainstorm. Working as a group or individuals, you then sort the cards in a way that makes sense to you, then label each group with a short description. Card sorting allows you to form unexpected but meaningful connections between ideas.
Empathy Map for Food Ordering App
Empathy Map template aids in visualizing your users' experiences. It helps teams understand what users see, think, and feel, ensuring your product meets their needs. This tool is essential for building empathy and designing better user experiences.
Working Backwards Template
Works best for:
Desk Research, Strategic Planning, Product Management
Find out how to use the Working Backwards template to plan, structure, and execute the launch of a new product. Using the template, you’ll figure out if the product is worth launching in the first place.