Describe different approaches of Cost Analysis. Differentiate Cost Effective Analysis from Cost Benefit Analysis.

There are several approaches to cost analysis, including:

1. Traditional cost analysis: This approach focuses on identifying and analyzing the costs associated with a specific project or activity. It involves breaking down the costs into different categories, such as direct costs, indirect costs, and overhead costs.

2. Activity-based costing: This approach focuses on identifying and analyzing the costs associated with specific activities or processes within an organization. It involves identifying the resources used for each activity and determining the costs associated with those resources.

3. Benefit-cost analysis: This approach focuses on identifying and comparing the costs and benefits of a project or activity. It involves estimating the costs __________ ____ __________ __________ _______ ______.
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