Nov
7
Note to Self
November 7, 2007 |
I really need to introduce the term “opportunity cost” into the BA vocabulary.
Comments
3 Comments so far
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So if you are going to do that, which is definitely a good idea, I just want to note that in fact ALL costs are in nature “opporutnity costs” (although not so often explicitly stated in economics). That means that every “ordinary cost” is at the same time an opportunity cost and that you should always take into account opportunity costs of every decision.
Here’s another one for you; Requirements Risk
After about 19 months, maybe it is time for a re-introduction.
http://tynerblain.com/blog/2006/02/24/definition-of-opportunity-cost/
Oh - and I feel your pain!