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Cost/Benefit Analysis is a decision-making tool to compare costs (negative results) vs. benefits (positive results) of a proposed change to a process. The costs can include labor, equipment, materials and time, and the benefits often include increased customer satisfaction, increased revenue, cost avoidance and reduced cycle time.

For a better understanding of Cost/Benefit Analysis and an overview of Lean Six Sigma, check out our Free Lean Six Sigma Yellow Belt Training, Green Belt Training or Lean Training.

Elisabeth Swan

Elisabeth is a Managing Partner & Executive Advisor at GoLeanSixSigma.com. For over 25 years, she's helped leading organizations like Amazon, Charles Schwab and Starwood Hotels & Resorts build problem-solving muscles with Lean Six Sigma to achieve their goals.