Conduct a 2-part cost-benefit analysis using a template, and explain the concept of opportunity cost and how a cost-benefit analysis aligns with organizational needs. Recommend a plan of action based on the cost-benefit analysis. Preparation The following resources are required to complete the assessment. This resource includes information on writing a cost-benefit analysis. Plowman, N. (n.d.). Writing a cost-benefit analysis. https://www.brighthubpm.com/project-planning/58181-writing-a-cost-benefit-analysis/ Use this template to complete the assessment. Cost-Benefit Assessment Template [XLSX]. Use the Cost-Benefit Analysis Template linked to complete Part 1 of this assessment. Use the following scenario that continues the scenario from Assessment 2 as the foundation for this assessment: One of the physician’s groups in the clinic would like to purchase an MRI machine. Currently, clients who need an MRI must schedule an appointment at another facility, adding time and cost to any treatment they may need. The machine will be available for all the physicians in the clinic and will require additional staff to operate the equipment and the office area where it will be housed. You must prepare a cost-benefit analysis to present to the physicians so they may decide whether to move forward with the purchase. Be sure to consider the non-monetary costs, such as productivity, as well as the non-monetary benefits, such as improved customer satisfaction. Although these may be difficult to quantify, they are important costs and benefits that must be considered. Part 1 Complete the cost-benefit analysis template for the purchase of an MRI machine for the clinic with estimated costs and benefits values. Part 2 Based on the cost-benefit analysis, write a 23-page summary: Explain the concept of opportunity cost. Explain how the cost-benefit analysis aligns with organizational needs and future growth. Recommend a plan of action that is supported by the cost-benefit analysis. (Should the clinic purchase the MRI machine, or not?) Reference specific areas of the analysis in your recommendation. Submit both parts of the assessment at the same time. Include a title page and reference page for Part 2. Number of pages: 34, not including the title page and reference page (Part 2 only). At least two current scholarly or professional resources (Part 2 only). APA format for citations and references used in Part 2. Times New Roman font, 12 point (Part 2). Double-spaced (Part 2).Show more
