#048 - A Practical Case Study in Cost-Benefit Analysis - did you want Popcorn with that?

Cost-Benefit Analysis A process by which you weigh expected costs against expected benefits to determine the best (or most profitable) course of action. A few years ago I was at a customer site in Independence, Missouri. It is a classic American town, sitting on the eastern edge of Kansas City. One of the advantages of working for a company with a wide-spread customer base was that I had the opportunity to visit a lot of different places. When money has been spent to get you there, you had better make the most of it - so you maximize the hours you spend with the customer. However, when the working day is done there is an opportunity for personal benefit and exploration as well. So wherever I went, I made sure to learn about the local history and try to see a few attractions. It's all about maximizing the value for the cost - which is the primary basis for cost-benefit analysis . In this case, the personal cost was not financial, but in time away from family - so it was worth my while to see the sights that I could in the time that I had. Especially when somebody else had already paid to get me there. With a population of 119,000 Independence is more like a small city, but they have preserved their identity and character despite the closeness to their larger next door neighbor, Kansas City (pop 467,000). It's just what you might expect from a town called Independence . Although I was only there for a few days, I made the most of my visit and thoroughly enjoyed having a look around the place while I was there. Few attractions were open after working hours, but I did manage to fit in a tour of the Harry S. Truman national historic site before it closed for the day. It was a nice southern-style building - not huge, not opulent - but it was a good, solid building with nice architectural features. Source: Wikipedia (cc) Nationalparks In fact, it was his family home. We were only allowed to tour the downstairs, as Bess Truman wrote into her will that in order to protect her family's privacy, the second floor was to remain closed until the death of her daughter, Margaret. Though Margaret died in 2008, the second floor has remained closed in order to better preserve the home. For a President who took America from its traditional isolationism into the age of international involvement, it was a sign of his firm connection with his roots that he and his family lived in this same comfortable house since his marriage in 1919 until his wife Bess died in 1982. Having visited a number of other presidential national historic sites, this was the one that I liked the most. Unlike the imposing columns and the expansive property of Mount Vernon, this felt like somewhere a real person lived - not someone larger than life. The next evening, I finished work too late to see any other historic sites, so I decided to see a movie. At least, that was the plan. Listen to the podcast or read the full article on Gazza's Corner Blog .

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#048 - A Practical Case Study in Cost-Benefit Analysis - did you want Popcorn with that? is an episode from Gazza's Corner Podcast by Gary Nelson, PMP (Gazza).

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This episode was published on Nov 14, 2014.

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