Final answer:
A cost benefit analysis is a tool used to evaluate whether the benefits of a decision outweigh the costs. It involves comparing the costs and benefits of a decision using a T-shaped chart.
Step-by-step explanation:
A cost benefit analysis is used to evaluate whether the benefits of a decision outweigh the costs. It involves identifying and comparing the costs and benefits of a decision.
One tool commonly used for this analysis is a T-shaped chart, where costs are listed on one side and benefits on the other side. Costs refer to what is given up in terms of money, effort, and other sacrifices, while benefits refer to what is gained from the decision in terms of money, time, experience, and other improvements.