Journal of Project Management Studies
https://gprjournals.org/journals/index.php/JPMS
<p><strong>Journal of Project Management Studies</strong> (JPMS) is a refereed journal aiming to provide academically robust researches associated with project management studies and published by GPR Journals. The scope of JPMS include, but not limited to, Project Consulting & Professional Services, Infrastructure & Systems Delivery, Manufacturing, Project Planning, Monitoring & Evaluation, Project Stakeholder Management and Project Implementation to a targeted and multidisciplinary audience on a global scale. Manuscripts submitted to this journal are published online and can be printed as hard copies upon author’s request. Papers can be submitted via email to <a href="mailto:journals@gprjournals.org" target="_blank" rel="noopener">journals@gprjournals.org</a> or <a href="https://gprjournals.org/online-submission/">online submission</a>.</p>Global Peer Reviewed Journalsen-USJournal of Project Management Studies 2958-5279Cost-Benefit Analysis and Project Performance
https://gprjournals.org/journals/index.php/JPMS/article/view/183
<p><strong>Aim:</strong> The aim of this study was to examine the impact of cost-benefit analysis on project performance.</p> <p><strong>Methods:</strong> The study was a thematic review of literature on effect of Cost-Benefit Analysis on Project Performance. Included in the review were data-based research articles, along with other articles containing helpful recommendations for improving project outcomes.</p> <p><strong>Results:</strong> The study found that cost-benefit analysis plays a crucial role in enhancing project performance by enabling project managers to make informed decisions based on a comprehensive understanding of costs and benefits associated with various project alternatives. This approach helps to prioritize resources and investments, reducing the likelihood of cost overruns and schedule delays. Additionally, cost-benefit analysis contributes to improved stakeholder communication and alignment, as it facilitates a transparent and quantifiable understanding of the project's value proposition. However, the study also identified challenges in implementing cost-benefit analysis, such as the need for accurate data, the difficulty in quantifying intangible benefits, and the potential for biases in decision-making.</p> <p><strong>Conclusion:</strong> Cost-benefit analysis can significantly improve project performance, but its effectiveness depends on addressing the inherent challenges and ensuring that decision-makers have access to accurate and reliable information. To maximize the benefits of cost-benefit analysis, organizations must invest in developing robust methodologies, fostering a culture of data-driven decision-making, and continuously refining their processes based on lessons learned from past projects.</p> <p><strong>Recommendation:</strong> Project managers, decision-makers, and stakeholders should focus on establishing accurate data collection methods, developing strategies to quantify intangible benefits, and addressing potential biases in the decision-making process. Moreover, organizations should invest in training and capacity-building to ensure that cost-benefit analysis is effectively integrated into project planning and management processes. Further research is also needed to explore the application of cost-benefit analysis in diverse project settings and to better understand its long-term effects on project performance.</p>Ernest WhitmanHenry A BrownPatricia N Meyer
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2023-07-062023-07-0611112