Question.3718 - The purpose of this assignment is to explain how you will evaluate and measure the success of the problem solution you intend to implement in the organization. This solution evaluation process will be used to determine the potential success of your implemented solution. Success can be measured using both qualitative and quantitative methods, therefore it is important to determine which tools and metrics you will use to evaluate the data you have collected. In this assignment, you will use cost-benefit analysis to evaluate the financial outcomes of your solution. Create a data chart or graph to most effectively display the cost-benefit evaluation metrics that you will use to measure the success of your solution. Review the study material "Cost Benefit Analysis Solution Evaluation" Excel spreadsheet to assist you. Then, write 250-word explanation of the degree of confidence you have regarding the cost-benefit analysis and the assumptions you are required to make for cost, risk, benefits, and the financial outcome of your proposed solution. Include an explanation of how you will measure whether the solution is successful in addressing the problem and meeting the needs of the business, employees, and customers. This summary will be used as part of the Business Proposal Presentation in Topic 7 and within the Final Business Proposal in Topic 8. Evidence of revision from instructor feedback will be assessed on the final business proposal.
Answer Below:
Solution Evaluation Tools Daniel Rodriguez Grand Canyon University BUS 470 Professor Sladan Sinanovic October 13th, 2024 Solution Evaluation Tools Cost-Benefit Analysis Explanation In terms of evaluating the proposed solution, the Green Bronx Machine initiative is integral to measure its effectiveness in addressing food insecurity in the Bronx, wherein cost-benefit analysis (CBA) will quantify the expected financial outcomes while assessing qualitative impacts on the community, and utilizing the excel sheet provided in class, I would like to utilize certain metrics and evaluation tools: starting the cost components in order to outline implementation costs (initial outlays for materials and training for vertical farming initiatives), ongoing expenses (monthly expenses to maintain operations and educational programs), and estimated savings. In terms of benefits components, it will approach hard savings, which are direct financial benefits from reduced healthcare costs associated with improved nutrition, and soft savings, which are indirect benefits such as enhanced community engagement and improved educational outcomes. Assessing the KPIs, firstly, health metrics by monitoring the existing rate of obesity and overall health outcomes among participants; secondly, the potential engagement in terms of assessing stakeholder involvement and satisfaction through surveys and feedback mechanisms and lastly, tracking the quantity of food produced monthly to measure the sustainability of the initiative. Degree of Confidence in CBA I am confident in the cost-benefit analysis due to comprehensive data collection from reputable sources and alignment with recognized frameworks for evaluating community health initiatives; however, several assumptions underpin this analysis like the cost assumptions that have to be made wherein the financial projections are based on anticipated market conditions and the ability to secure ongoing funding for the initiative, alongside assessing the risk factors including community resistance to change and variability in agricultural yield due to external factors (e.g., weather conditions) and lastly, estimated health improvements are based on historical data showing a correlation between access to fresh produce and reduced obesity rates.More Articles From Business Management
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