the most desirable alternative given up in a decision
Opportunity costs are important in decision-making because they represent the value of the next best alternative that is forgone when a decision is made. Understanding opportunity costs helps individuals and businesses make more informed choices by considering the trade-offs involved in different options. By weighing the potential benefits and drawbacks of each alternative, decision-makers can prioritize their resources and make decisions that align with their goals and priorities.
cost
Opportunity Cost
Alternative choices of action.
Having a baby is the most consequential decision a person can make, so he was understandably furious that she had made it for him by deliberately getting pregnant.For most artists and entertainers, the loss of privacy and anonymity is consequential to success, but writers can preserve these things even when they are so famous as to be household names.
the most desirable alternative given up in a decision
lobbyists are hired to contact lawmaker and government officials to influence decision making
Opportunity costs are important in decision-making because they represent the value of the next best alternative that is forgone when a decision is made. Understanding opportunity costs helps individuals and businesses make more informed choices by considering the trade-offs involved in different options. By weighing the potential benefits and drawbacks of each alternative, decision-makers can prioritize their resources and make decisions that align with their goals and priorities.
cost
Trade-off
Opportunity Cost
Mis helps in planning and controlling in an organisation but decision making means select a single alternative among all possible alternative.
It is a decision bias influenced by the way in which a problem or decision alternative is phrased or presented. (GeBacalla)
Alternative choices of action.
an alternative that we sacrifice when we make a decision
Opportunity cost is the phrase used to describe the best alternative given up by a particular decision. The term is often associated with economics.