Solved: What are your thoughts on analyzing costs that affect a fleet's safety culture? Write

Explanation:

The cost analysis for the vehicle will determine the vehicle is used. It will analyze to reduce the rate of the accident for vehicle. The predictive analyses will reduce the bottom line cost for the fleet.

Pros of cost-benefit analysis:

– This analysis will give the owners idea about which will be great cost or benefit, cost will be easier to calculate than benefit. It will give correct idea to the owners.

– If the cost will be great than it can ruin the business and make the company bankrupt, if a new cost will come up than company cannot tackle it perfectly. This analysis will give exact idea and give the exact result how the situation will be.

– In this method at the time of analysis the cost or benefit some extra variables can be easily found and that would make calculation easy and accurate.

Cons of cost benefit analysis:

– While in this method indirect benefit will be hard to assess and attached cost and benefit for that also.

– This method can be of no use if the variables are found to be biased. The benefits can be overestimated if the decision makers are ambitious. If standard is set too much high than that can increase the cost of business.

– Sometime it could happen that some variable are not taken into consideration in analysis in that situation the cost can be huge and benefit will be lowered.