Opportunity Cost
Recognize that every choice you make involves trade-offs. Evaluate the potential benefits and drawbacks of different options before deciding.
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Similar ideas to Opportunity Cost
Opportunity Cost
An opportunity cost is the potential ‘alternative’ or benefit that is forfeited when one chooses a particular option.
The other, foregone option, if it is lower than other companies, is the key factor in this trade-off.
Opportunity Cost
Saying 'yes' to something automatically means saying 'no' to other possibilities. This is known as Opportunity Cost. It translates into the potential benefits that we miss by choosing one option over another.
Subconsciously we are aware that we can't do everything we want ...
Opportunity Cost Calculations
Many people and organizations fail to take into account the various opportunity costs.
- We need to actively question ourselves about the alternatives that may be missed out by deciding on a particular option.
- The often neglected cost of waiting too long is also a ...
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