What process involves comparing the cost of developing a curriculum to purchasing an existing one?

The process that involves comparing the cost of developing a curriculum to purchasing an existing one is known as a cost/benefit analysis. This analytical approach evaluates the potential costs involved in creating a new curriculum against the benefits that may be gained, as well as the costs of acquiring an existing curriculum.

In conducting a cost/benefit analysis, an organization considers factors such as the initial development or purchase cost, ongoing maintenance expenses, and the expected return on investment in terms of educational outcomes and efficiencies. This helps decision-makers to determine the most financially viable option for their curriculum needs.

It is important to understand that while budget assessment involves evaluating financial resources, it does not specifically compare development versus purchase costs. Financial forecasting focuses on predicting future financial conditions and outcomes rather than comparing options, and resource allocation is about distributing available resources effectively without a direct cost comparison aspect. Therefore, cost/benefit analysis is the most appropriate term for this specific process.