Cost Benefit Analysis $-$ Perform a cost$-$benefit analysis for the proposed system selection by calculating the payback period using Microsoft Excel. At this point in the project, assume you have narrowed your search to three different vendors. $($You may submit all three CBAs on one Excel spreadsheet.$)$

Assume the following: Since the hospital does not currently have a falls prevention system, expect that current resource requirements $($staffing$,$ extended patient stays and litigation costs$)$ total $$475,000$ annually.

Vendor $1$: System will cost $$625,000$ year $1$; and $$355,000$ for all subsequent years. Vendor $2$: System will cost $$500,000$ year $1$; and $$365,000$ for all subsequent years Vendor $3$: System will cost $$750,000$ year $1$; and $$300,000$ for all subsequent years.

Format the Excel spreadsheet in a professional manner which allows easy comparison between the three vendors.

Determine which vendor$$s system will pay for itself first and in which year this will occur. In addition, ascertain which system will be most cost$-$effective over time.

Compile a list of benefits that may be achieved by the new system.

The benefits will be the same for all three systems: you do not need to do this for each individual vendor.