A project manager needs to evaluate the financial justification of a proposed project by systematically assessing its monetary inputs and expected outputs. Which analysis technique should the manager employ?
Earned Value Management (EVM)
Cost-benefit analysis
SWOT analysis
Stakeholder analysis
Cost-benefit analysis is the appropriate technique for comparing the monetary costs and benefits of a project to determine its financial viability. It involves listing all project expenses and anticipated gains to assess whether the benefits outweigh the costs. SWOT analysis evaluates strengths, weaknesses, opportunities, and threats but doesn't quantify financial metrics. Earned Value Management (EVM) is used for tracking project performance and progress against the plan, not for initial feasibility analysis. Stakeholder analysis identifies and assesses stakeholders and their influence on the project but does not involve financial comparison of costs and benefits.
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