Reference no: EM132102054
Document the goal you want to achieve. What sort of decision do you need to make? What is your purpose? (Every purchase or decision has a goal attached to it.)
Select two similar items of different make and manufacturer or select two different paths that you might take.
Conduct your research.
Make sure you cover all your bases. Consider every little detail. Thorough research ensures a sound decision. For example, if you are purchasing a car, consider resale value, depreciation rates, insurance costs, and costs for oil changes and maintenance.
Arrange your data in a chart or table that shows and compares all of the costs of the two items for one year out. Charts and tables are useful for comparing data side by side. For example, compare the gas mileage of both that Toyota and Chevy side by side so you can see the differences clearly.
On the job, you'll have to go much further than one year out, but we'll keep it simple here.) These costs will include the original purchase price, any monthly service fee, the time involved to set up the equipment (In the business world, time is money.) and any start-up costs. For example, if you buy a car, you must include the cost of a tank of gas and the cost of tax, title and tag.
Include any intangible benefits for the items.
Analyze the costs and benefits.
Make your decision based on your cost benefit analysis.
Cite any sources you use for information at the end of your file.