i. Steps for Conducting Cost Benefit Analysis:

1. Define the Problem: Clearly state the objectives of the analysis, identifying what the investment is meant to achieve.
2. Consider Alternatives: Evaluate other possible courses of action that could achieve the same objectives.
3. Enumerate Costs and Benefits: List all the costs and benefits associated with each alternative, ensuring both financial and non-financial factors are considered.
4. Evaluate Costs and Benefits: Quantify the costs and benefits where possible, and assess their financial and social impact over time.
5. Draw Conclusions: Summarize the analysis by comparing costs against benefits to determine which option offers the greatest net benefit to the public and society at large.

ii. Steps for Conducting Cost Effectiveness Analysis:

1. Objective Definition: Clearly define the specific objectives and outcomes of the project or investment.
2. Alternative Sourcing and Assessment: Identify and assess the cost alternatives available to achieve the defined objectives.
3. Measure Selection: Determine the most appropriate approach or measure that will allow the project to meet its objectives effectively.
4. Cost Estimation: Develop a detailed estimate of the costs involved, ensuring all aspects are covered.
5. Final Decision: Make a final decision based on cost adequacy, choosing the option that achieves the objectives at the least cost.