Cost-Benefit Analysis as a Tool for Decision-Making in Keffi LGA
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Background of the Study
Cost-Benefit Analysis (CBA) is a systematic approach to evaluating the financial implications of different decision alternatives by comparing their costs with the anticipated benefits. In local government areas like Keffi LGA, CBA can play a pivotal role in determining the most efficient allocation of resources for projects, public services, and infrastructure development. This study will examine how CBA is used in decision-making processes within Keffi LGA.
Statement of the Problem
Local government projects often involve significant financial outlays, and decisions on which projects to undertake can have long-lasting effects on the community. Without a structured approach to evaluating costs and benefits, local authorities may waste resources on projects that do not deliver sufficient value. This study aims to evaluate how CBA is applied in decision-making and its effectiveness in ensuring optimal resource utilization in Keffi LGA.
Aim and Objectives of the Study
Aim: To evaluate the use of Cost-Benefit Analysis in decision-making within Keffi LGA.
Objectives:
- To examine the role of CBA in decision-making processes in Keffi LGA.
- To assess the impact of CBA on the allocation of resources in local government projects.
- To identify the challenges faced by local authorities in applying CBA for decision-making.
Research Questions
- How is Cost-Benefit Analysis applied in decision-making processes in Keffi LGA?
- What is the impact of CBA on resource allocation and project prioritization in Keffi LGA?
- What challenges do local authorities in Keffi LGA face in using CBA for decision-making?
Research Hypothesis
- H₀: Cost-Benefit Analysis does not significantly improve decision-making in Keffi LGA.
- H₀: There is no significant relationship between CBA and the efficient allocation of resources in Keffi LGA.
- H₀: Challenges in applying CBA do not significantly affect the decision-making process in Keffi LGA.
Significance of the Study
The study will provide insights into the practical application of CBA in local governance and its effectiveness in ensuring that public resources are allocated efficiently in Keffi LGA.
Scope and Limitation of the Study
The study will focus on the application of CBA in public projects in Keffi LGA. Limitations include potential unavailability of detailed cost and benefit data for projects.
Definition of Terms
- Cost-Benefit Analysis (CBA): A financial evaluation method that compares the costs of a project or decision with its expected benefits.
- Decision-Making: The process of selecting the best course of action from available alternatives.
- Resource Allocation: The distribution of available financial and material resources across various projects or sectors.
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