I can offer some bullet points:
What are the job tasks; what specific tasks will the recruit need to do. What minimum skills? Where will the middle ground fall, and what are the maximum, higher skills needed. This may require a job task analysis.
What department, or what place in the company will the recruit work? Therefore, who will the recruit work with? Who above, and who below. These workers may make up your selection comittee. When does the position need to be filled? How far from the company will you recruit (from other states, other countries, etc.)
Time is the most expensive part here. You would have to factor in the salaries of the committee, who may be taken away from their real job to work on the recruitment. Of course paying for ads, phone calls, bringing candidates in and paying for their trip, housing etc.
Hiring the right person means the company can move forward, and generally productivity goes up. The recruit may feel a desparately needed position. Conversely, the wrong person will leave, necessitating begining the process over. How will you measure discouragement and morale from working hard to fill a position only to have it come vacant again.
Generally you would recruit from a pool of applicants who possess most or all of the skills, experience and education you are seeking.
These are just some ideas that come to mind. You would need to flesh them out mre.