Scenario: A new technology has emerged that could revolutionize your product. However, it requires significant investment and poses risks. How would you assess whether to pursue this innovation?
- Conduct a cost-benefit analysis
- Reject the technology due to potential risks and costs
- Immediately invest in the new technology without analysis
- Seek opinions from only senior management before deciding
Conducting a cost-benefit analysis allows for a thorough evaluation of the potential risks and rewards associated with the new technology. It provides valuable insights into whether the investment aligns with the company's goals and financial capabilities, enabling informed decision-making.
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