First class, business class or economy? Cost Benefit Analysis
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First class, business class or economy?
Cost Benefit Analysis
Cost Benefit Analysis
1. The difference in price between first class, business class and cattle class.
Identify all factors - Costs and Benefits
Cost Benefit Analysis
2. The value of sleepIdentify all factors - Costs and Benefits
Cost Benefit Analysis
2. The value of sleep
Factor in your likelihood of sleep. Some people can sleep in any part of the plane, some don’t sleep anywhere.
Identify all factors - Costs and Benefits
Cost Benefit Analysis
2. The value of sleep
You might do just as well with sleeping tablets or drowsy travel sickness pills. (Don’t mix with alcohol.)
Identify all factors - Costs and Benefits
Cost Benefit Analysis
2. The value of sleep
Can you easily catch up on sleep when you arrive?
Identify all factors - Costs and Benefits
Cost Benefit Analysis
3. Will you suffer from jetlag anyway?
Identify all factors - Costs and Benefits
Cost Benefit Analysis
3. Will you suffer from jetlag anyway?
Jetlag is caused primarily by a rapid change in time zones, not by a lack of sleep on the flight.
Identify all factors - Costs and Benefits
Cost Benefit Analysis
3. Will you suffer from jetlag anyway?
If you’re on holiday, can you suffer from a few nights and days of bizarre sleeping patterns?
Identify all factors - Costs and Benefits
Cost Benefit Analysis
4. Productivity
What loss of productivity will you suffer, and what is the dollar value of that?
Identify all factors - Costs and Benefits
Cost Benefit Analysis
5. Comfort & Holiday Experiences
How important are these to you?
Identify all factors - Costs and Benefits
Cost Benefit Analysis
6. Meals and Drinks
Is the difference worth the money, for you?
Cost Benefit Analysis
Identify all factors - Costs and Benefits
Cost Benefit Analysis
6. Meals and Drinks
Can you go to a good restaurant at your destination to make up for the plane experience?
Cost Benefit Analysis
Identify all factors - Costs and Benefits
Cost Benefit Analysis
7. No air travel is very comfortable
Cost Benefit Analysis
Identify all factors - Costs and Benefits
Cost Benefit Analysis
7. No air travel is very comfortable
Everyone experiences:
● Changes in time zones● Low humidity● Pressurized cabin● etc
Cost Benefit Analysis
Identify all factors - Costs and Benefits
Cost Benefit Analysis
7. No air travel is very comfortable
● A plane is just a bus that gets you from A to B
Cost Benefit Analysis
Identify all factors - Costs and Benefits
Cost Benefit Analysis
7. No air travel is very comfortable
● A plane is just a bus that gets you from A to B
Cost Benefit Analysis
Identify all factors - Costs and Benefits
8. On the other hand:
Cost Benefit Analysis
7. No air travel is very comfortable
● A plane is just a bus that gets you from A to B
Cost Benefit Analysis
Identify all factors - Costs and Benefits
8. On the other hand:
● Air travel can be enjoyable, even in economy.
Cost Benefit Analysis
7. No air travel is very comfortable
● A plane is just a bus that gets you from A to B
Cost Benefit Analysis
Identify all factors - Costs and Benefits
9. First class travel can be a status symbol
Cost Benefit Analysis
7. No air travel is very comfortable
● A plane is just a bus that gets you from A to B
Cost Benefit Analysis
Identify all factors - Costs and Benefits
9. First class travel can be a status symbol:
● But who sees you anyway?
Cost Benefit Analysis
7. No air travel is very comfortable
● A plane is just a bus that gets you from A to B
Cost Benefit Analysis
Identify all factors - Costs and Benefits
9. First class travel can be a status symbol:
● But who sees you anyway?● There is a slim chance for business
networking opportunities.
Cost Benefit Analysis
10. How much pampering do you need, really?Cost Benefit Analysis
Identify all factors - Costs and Benefits
Cost Benefit Analysis
11. When did it become a thing that holidays need to be 5 star?Cost Benefit Analysis
Identify all factors - Costs and Benefits
Cost Benefit Analysis
Cost Benefit Analysis
Assign a dollar value to your
list
Cost Benefit Analysis
1. This will only be an estimation and won’t be easy.
Cost Benefit Analysis
Assign a dollar value to your
list
Cost Benefit Analysis
2. Keep in mind the importance of each factor.
Cost Benefit Analysis
Assign a dollar value to your
list
Cost Benefit Analysis
3. If money is confusing, count in some other units - apples, oranges, widgets, anything.
Cost Benefit Analysis
Assign a dollar value to your
list
Cost Benefit Analysis
4. Then make columns for the different priced flights and list the benefits of each with their dollar values.
Cost Benefit Analysis
Assign a dollar value to your
list
Cost Benefit Analysis
4. Then make columns for the different priced flights and list the benefits of each with their dollar values.
Cost Benefit Analysis
Assign a dollar value to your
list
Cost Benefit Analysis
Add up your lists.
Calculate
Cost Benefit Analysis
If you find yourself wishing the lists add up differently, you are sending a valuable message to yourself. Adjust the weightings of the items.
Calculate
Cost Benefit Analysis
Is the money you will be spending going to change your lifestyle?
Assess, in light of a long term view of
your net worth
Cost Benefit Analysis
Are you merely spending your kids’ inheritance and how does that make you feel?
Assess, in light of a long term view of
your net worth
Cost Benefit Analysis
Remember the money you are spending is money you can’t invest and compound, so it is worth more to you than its value at today’s prices.
Assess, in light of a long term view of
your net worth
Now
You can make your decision.
Happy flying!
Now
You can make your decision.
Whichever end of the plane you find yourself.
Happy flying!
Now
You can make your decision.
Whichever end of the plane you find yourself.
Click for more information: Inspiration. Education. Entrepreneurship.
Happy flying!
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