Do you think sensitivity analysis is essential for every economic evaluation? Justify your answer.
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Sensitivity analysis is essential for each and every economic evaluation largely due to the fact that this form of analysis will provide the means by which to make a determination as to the effectiveness and reliability of the economic system that is being evaluated, in producing the best results possible under a tremendous variety of internal and external environmental conditions. Due to the fact that economics can be affected by a great deal of different variables at nearly anytime, it is absolutely essential that the economic system or model be analyzed in a way that helps to expose any weaknesses in the ability of the system to function under conditions in which variables behave in unexpected ways. Another reason that sensitivity analyses is essential for every economic evaluation, due to the fact that it provides keen understanding of the correlation and or …
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