This report explores the need for cost-benefit analysis in non-traditional education for the disadvantaged and presents practical suggestions and steps needed to carry out an effective analysis, based upon the experiences in the Community College of Vermont. Steps in such an anslysis include: (1) understand the informational needs of the various audiences; (2) identify the objectives of the decision-maker; (3) identify alternative means of obtaining these objectives; (4) identify costs and benefits of the various alternatives; (5) develop a model to predict future costs and benefits; (6) provide a criterion for ranking alternatives; and (7) remember that the decision-maker may choose to consider additional criteria in the final decision-making. (Author/KM)