• Create a complete decision-making grid that includes two products and lists the benefits, decision, opportunity costs, and ben
efits forgone of each. • Provide a paragraph that is at least three sentences in length that explains which choice he/she will make and provides sound, logical reasons why he/she is making that choice.
PLEASE ANSWER CORRECTLY
Ever found yourself looking back with hindsight and wondering why you progressed with one opportunity instead of another? There is a good chance that at the time of making your decision, the Opportunity Cost of the seemingly less attractive opportunity was not fully assessed. When we don’t fully know the value of what we’re giving up in order to progress a particular course of action, we can’t make a truly informed choice. Understanding the principles of Opportunity Cost is essential for making smart business decisions. What is Opportunity Cost?Opportunity Cost is a macroeconomic term that relates to scarcity of resources. Scarcity of resources – be that time or money – means that we have to make decisions about how we use what we have. Because we have to choose, we can only have the benefits of one option, and have to forego the benefits of the other. The benefits of the foregone option are the Opportunity Cost. Or as Bizfinance.com says:“Opportunity cost is the cost of a foregone alternative. If you chose one alternative over another, then the cost of choosing that alternative is an opportunity cost. Opportunity cost is the benefits you lose by choosing one alternative over another one.” Sushi or sandwich for lunch? Sushi. So, the sandwich becomes the Opportunity Cost. Opportunity Cost in BusinessWe make plenty of choices in a business day that all have an associated Opportunity Cost. On a small scale, it might be how you choose to use the next two hours – to do a proposal for a client, or get the invoices out? One or the other. The benefits of getting the proposal to the client, or the benefits of getting the invoices out? Each time we weigh up the resources available and what to do with them, there is an Opportunity Cost of not pursuing one option.Where the principle of Opportunity Cost is of greatest value for a business is in deciding which business opportunities to pursue. For these decisions, auto-pilot absolutely has to be switched-off. It is all too easy and common to unwittingly make decisions based on preconceptions. One option seems better from the outset, and this preconception then leads to an inaccurate assessment of the alternatives.How to assess Opportunity CostWhen assessing Opportunity Cost, it’s important to keep these three things in mind: (1) to make an informed economic decision, the value of an opportunity needs to be assessed based on both the benefits and the costs associated; (2) broader benefits should be assessed as well as the monetary benefits; and (3) each option needs to be assessed based on the same criteria (i.e. don’t just assess the preferred option in isolation).For example, a construction business has two opportunities on the table. Building Contract 1 has a job value of $200,000, which would require 2000 resource hours.
They were both major roles in the Renaissance art, they were very famous oil painters. They also participated in horse jousting, and they influenced many new writers and artists
Lucy rider Meyer didn’t have a huge influence on the industrial revolution till the Mid 1870s. Where she became a social worker idolised for her persistence and all round happiness in the catholic teachings.
One of the impact of the electoral college system in regards
to election process is that this kind of system has the ability of making the
candidates to be encourage and concentrate to things such as the major campaign
and the efforts that they should exert in certain populous states.
The Minoans and the Mycenaeans were two of the early civilizations that developed in Greece. The Minoans lived on the Greek islands and built a huge palace on the island of Crete. The Mycenaeans lived mostly on mainland Greece and were the first people to speak the Greek language.
