How to do a cost-benefit analysis

This analysis can be beneficial to any leadership team and Toqan can help to improve the process. It can make you more efficient, as well as help to unlock innovative and creative thinking.

Gather data

To get started, ensure you have the relevant data. You’d need to have documents in Excel, CSV, Word or PDF format. These would be insights into whatever you’re doing a cost-benefit analysis of.

If you were going to apply this to a new product, for example, your prompt could be: Perform a cost-benefit analysis for this new project proposal. Review the documents attached. Also ask for any missing information that may be required to provide a detailed and accurate analysis.

Provide extra insights

If you haven’t set up any details in your personalisation settings, you may want to provide Toqan with some insight about your industry and your competitors in the prompt too. The more detail it has about your specific requirements, the better Toqan will perform.

Add visuals

You can ask Toqan to visualise the analysis. Try this prompt: Create visualisations to support the cost-benefit analysis. This is something you can do as a separate task too. If you’ve already done a cost-benefit analysis, you could upload that into Toqan and ask it to do the visualisation for you to add to your report.

Do a review

Once you’ve completed your task and compiled your report into one document, upload it to Toqan in a new thread or chat and ask it to do a critical review. Try this prompt: Critically review this cost-benefit analysis. List where there are still gaps or questions that need to be answered. List the questions and provide suggestions on how to improve the entire report. Provide a summarised view of whether this is a good report or not with reasons qualifying your statement.