A cost-benefit analysis is a systematic approach used to evaluate the strengths and weaknesses of alternatives in decision-making. It involves comparing the total expected costs of a project or decision against the total expected benefits. This helps individuals and organizations determine whether the benefits outweigh the costs, making it easier to choose the most effective option. In practice, a cost-benefit analysis can be applied to various scenarios, such as business investments, public policy decisions, or personal finance choices. By quantifying costs and benefits, decision-makers can make informed choices that maximize value and minimize waste.