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What do you think about including opportunity cost in the performance evaluation of a data mining model?
Wiki User
∙ 12y ago
Opportunity cost can be defined as the cost of any activity measured in terms of the value of the next best alternative foregone (that is not chosen). It is the sacrifice related to the second best choice available to someone, or group, who has picked among several choices. Opportunity Cost is a choice depends on what has to taken up. We can have an option of two or more options has Opportunity cost. Opportunity Cost is helpful when calculating the price and profit of choices.
Although opportunity costs are not generally considered by Accountants-financial statements only include explicit costs, or actual outlays-they should be considered by managers. Most business owners do consider opportunity costs whenever they make a decision about which of two possible actions to take. Small businesses factor in opportunity costs when computing their operating expenses in order to provide a bid or estimate on the price of a job.
Wiki User
∙ 12y ago
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