Question

A company has installed a new machine in its factory. The management is analyzing whether to train the current laborers to operate on the machine efficiently or to hire skilled laborers for the same machine. What is this quantitative analysis done by the management known as? The quantitative analysis of the given scenario is known as .

Answer 1

Cost/benefit analysis

Comparing what you will sacrifice and what you will gain to help make a decision is known as ____.

Answer 2

The company will use the quantitative analysis called Cost and Benefit analysis

Step-by-step explanation:

The management will have to consider the cost of hiring skilled laborers and its long term benefits to the company and compare it to the cost of training its current laborers and its long term benefit to the company

Before giving consideration and which action to take