COST-BENEFIT ANALYSIS IN AGRICULTURAL PROJECTS IN OTUKPO LGA
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Background of the Study
Cost-benefit analysis (CBA) is an essential tool for evaluating the feasibility and profitability of projects, particularly in the agricultural sector. By comparing the costs and benefits of a proposed project, decision-makers can determine whether the benefits outweigh the costs, and thus, whether the project is worth pursuing. In Otukpo LGA, agricultural projects have the potential to improve local livelihoods and enhance food security. However, many of these projects are implemented without proper financial analysis, leading to poor outcomes and inefficient use of resources. This study will investigate how cost-benefit analysis can be applied to agricultural projects in Otukpo LGA to ensure better decision-making and optimal resource allocation.
Statement of the Problem
Agricultural projects in Otukpo LGA often face inefficiencies and poor outcomes due to a lack of thorough financial evaluation before implementation. Many of these projects fail to deliver expected benefits, leading to wasted resources and missed opportunities for local economic development. This study will explore the application of cost-benefit analysis in assessing the potential success of agricultural projects in Otukpo LGA.
Aim and Objectives of the Study
Aim: To evaluate the application of cost-benefit analysis in agricultural projects in Otukpo LGA.
Objectives:
- To assess the use of cost-benefit analysis in planning agricultural projects in Otukpo LGA.
- To examine the impact of cost-benefit analysis on the success of agricultural projects in Otukpo LGA.
- To identify the challenges and limitations of using cost-benefit analysis in agricultural projects in Otukpo LGA.
Research Questions
- How is cost-benefit analysis used in planning agricultural projects in Otukpo LGA?
- What impact does cost-benefit analysis have on the success and profitability of agricultural projects in Otukpo LGA?
- What challenges hinder the effective use of cost-benefit analysis in agricultural projects in Otukpo LGA?
Research Hypothesis
- H₀: Cost-benefit analysis does not significantly affect the success of agricultural projects in Otukpo LGA.
- H₀: There is no significant relationship between the use of cost-benefit analysis and project profitability in Otukpo LGA.
- H₀: Challenges in applying cost-benefit analysis do not significantly impact the success of agricultural projects in Otukpo LGA.
Significance of the Study
This study will provide valuable insights into the role of cost-benefit analysis in ensuring the success of agricultural projects in Otukpo LGA, contributing to better resource allocation and more sustainable agricultural practices.
Scope and Limitation of the Study
The study will focus on agricultural projects in Otukpo LGA, specifically examining the role of cost-benefit analysis. Limitations include the potential unavailability of complete financial data for some projects and the lack of formal use of cost-benefit analysis in many cases.
Definition of Terms
- Cost-Benefit Analysis (CBA): A financial evaluation tool used to compare the costs and benefits of a project to determine its feasibility.
- Agricultural Projects: Initiatives aimed at improving agricultural practices, production, and food security in a particular area.
- Profitability: The ability of a project or initiative to generate financial returns that exceed its costs.
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