Benefit Analysis is the process of identifying and measuring the benefits of a project or decision. These are generally revenue that a project will generate or costs that it will eliminate, thereby contributing to profits. They may be tangible, directly measurable benefits, or intangible, such as customer satisfaction or increased brand reputation. By comparing the project’s benefits with its costs, decision-makers can evaluate which projects are the most promising and which are not.

Risk Analysis in cost benefit analysis is the study of the potential problems that could affect the project's success. It considers possible factors that could impact estimated costs, benefits, and the timeline. By identifying and evaluating potential risks beforehand, project stakeholders can take preventive measures or prepare contingency plans to mitigate these risks. This reduces unexpected costs and delays, boosting the project's profitability and success rate.

Net Present Value (NPV) is a vital concept of cost benefit analysis. It is the difference between the present value of cash inflows and outflows over a period of time. NPV is used in capital budgeting and investment planning to analyze the profitability of a projected investment or project. A positive NPV indicates that the projected earnings, in present dollars, exceed the anticipated costs and thus the project or investment could be profitable.

Sensitivity Analysis is another important element of cost benefit analysis. It involves testing the impact on the project's outcomes of changing variables. This is a powerful tool to understand how different values of an independent variable impact a particular dependent variable under a given set of assumptions. This process can reveal unexpected issues within a plan, helps in identifying critical assumptions and improves the understanding of correlations and real-world interactions with a given solution.

Cost Effectiveness Analysis (CEA) is a method for assessing the gain in benefits relative to the costs of different alternatives. It's a way to determine the best approach when there are multiple ways to achieve a certain goal and resources are limited. CEA measures outcomes in a natural unit (e.g., cost per life year saved, cost per number of students taught, etc). This allows comparing the cost-effectiveness of different interventions directly. The goal of CEA is to identify the alternative that provides the 'biggest bang for the buck' when resources are limited.

Life Cycle Cost Analysis (LCCA) is the total cost assessment method over a project’s life cycle. It's especially useful when both the initial investment cost and the future operation and maintenance costs are significant in the decision making process. LCCA helps determine the economic effectiveness of a project by analyzing initial cost and discounted future costs, such as maintenance, user, reconstruction, rehabilitation, restoring, and resurfacing costs over a certain study period.

Cost Utility Analysis (CUA) is a method of economic evaluation that compares the cost and outcomes of different courses of action. CUA measures benefits in terms of Quality Adjusted Life Years (QALYs) or Disability Adjusted Life Years (DALYs). This type of analysis enables comparison across different sectors and interventions. CUA is often used in the health care sector, helping with decisions related to health-related quality of life improvements.

Opportunity Cost refers to a benefit that a person could have received, but gave up, to take another course of action. Each choice has an associated opportunity cost. It helps in analysing the effect of business decisions made in terms of finances. The concept can guide you towards more profitable business decisions. Each time you make a decision, there is a certain value that you place on that decision.

Break-Even Analysis is a vital tool in Cost Benefit Analysis. It calculates the point at which total costs and total benefits are equal, in other words, the point at which the project breaks even. Every project aims to reach the break-even point as soon as possible and then start turning profits. The implementation of the Break-Even Analysis is quite straightforward. By identifying the fixed costs and variable costs related to a project, the estimated output needed to cover these costs can be calculated. It helps project managers to identify the minimum performance level at which the project becomes profitable, therefore providing a benchmark for the project's success.

Cost-Benefit Ratio (CBR) is another indispensable part of Cost Benefit Analysis. The Cost-Benefit Ratio is calculated by dividing the proposed total benefits by the estimated total costs. This ratio gives an insight into the relationship between costs and benefits of a project. If the ratio is greater than 1, it indicates that the total benefits of the project outweigh the total costs. On the other hand, a ratio less than 1 indicates that the costs are greater than the benefits which is not desirable. It's a quick tool for decision-making since it summarizes the relationship between costs and benefits into a single numerical value.

Discounted Cash Flow (DCF) is a financial model that estimates the value of an investment based on its future cash flows. The future cash flows are 'discounted' to present values, allowing for the time value of money. The sum of these discounted cash flows gives an estimate of the total value of an investment or project. DCF analysis can help project managers make decisions on investments that would deliver the maximum return over the long term. The choice of discount rate is extremely crucial in this analysis as it directly influences the present value of future cash flows.

The Internal Rate of Return (IRR) is an important concept used in Cost Benefit Analysis that calculates the overall return provided by the project. IRR is essentially the discount rate that makes the net present value (NPV) of all cash flows from a particular project equal to zero and hence equalizes the present value of its costs with the present value of its benefits. The IRR allows project managers to compare and rank projects based on their profitability. A high IRR indicates that the project's returns are higher than its costs.

The Payback Period is the time taken for a project to recoup its initial investment. It mainly measures the time required for the net revenues of a project to return the original investment. This is usually an important factor while deciding upon the feasibility of the project. The shorter the payback period, the less risk is associated with the project, but it does not take into account any benefits that occur after the payback period and ignores the concept of time value of money. Nonetheless, it remains a simple and useful tool for initial project screening.