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Opportunity Costs

Updated 04/26/2017

   The cost of doing one thing versus doing something else.
    
    A more formal definition is the cost of passing up the next best choice when
    making a decision.  For example, you have before you two job announcements
    that requires submission by 3:00 PM today.  It takes 2 hours to rewrite your
    material tailored for this position and it is currently 12:30 PM ... only can only
    do a good job on one of the two.  You must make a decision on which one to
    complete thus creating an opportunity cost to you regarding which to complete.

    To submit both requires taking a generic Resume and sending it for both of the posted jobs which,
    because they are generic, may cost you both jobs.

    Another example is you have a child who is in a school performance which they really want you to
    attend.  You also have a job you need to apply for, both will require the same amount of time and
    both need to be started about the same time.  Which will you do?

    Here is a little different as you can sacrifice some sleep time and write notes on a draft copy of
    your resume for a submitted retyped version.  You shift opportunities to avoid the cost but at
    the expense of more sleep and the possible disappointment of your child at the performance.

    Opportunity costs are not limited to making decisions about job opportunities but to nearly all
    aspects of our life.  Weigh the opportunity value of each in both short-term and long-term
    factors and the potential for a successful outcome to decide what path, if any, to undertake.
    A path of "do nothing" is always an option but must be carefully considered as it too has a cost.


   Opportunity Cost  |  Wikipedia.com

   Opportunity Cost  |  Inc.



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