opportunity cost

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opportunity cost

the opportunities foregone in undertaking one activity measured in terms of the other possibilities that might have been pursued using the same expenditure of resources. While opportunity cost is mainly a concept in economics, it also applies more generally to human existence. For example, given the finitude of time in the human life-span and the impossibility of doing many activities more than one at a time or other than in one-to-one interactions, opportunity costs are involved in many human activities, not only those in which economic resources are involved.
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In the section on Alternative Cost Recovery Approaches, infrastructure cost recovery mechanisms are classified into three broad categories: (1) infrastructure cost trackers, (2) infrastructure base rate surcharges; and (3) deferred regulatory assets.
Dr Evans said: "I expect that we will see price rises towards the true cost of production or the alternative cost of import.
So the only way you can fight back is with an alternative cost figure--one that includes the cost of quality--here meaning the cost of putting things right when they all go horribly wrong.
Announcing its decision to withdraw Borealis said: "Recent economic developments in Europe have forced the rotomoulding industry to focus on a shrinking end user market and to look for alternative cost efficient solutions.
But he added the alternative cost of a complete collapse of the financial system would be "Incalculable".
JLR chief executive David Smith told yesterday's automotive summit organised by the Birmingham Mail's sister paper, the Birmingham Post, at the ICC: "We are working very hard with our unions to avoid any further redundancies by finding alternative cost actions.
Winter schedule capacity will fall 11% on long-haul and 1% on short-haul and it will reduce its long-haul fleet by one aircraft to eight for the summer 2009 schedule.Regarding its previously announced cost reduction program, EI said it "has engaged with unions in order to seek alternative cost reduction proposals" but that in the "absence of alternatives" it will proceed with the approved plans "required to ensure the group's long-term viability as an independent airline" beginning Dec.
The projects, which incorporate the latest developments in renewable and alternative cost effective fuel sources, including nuclear power, involve the assessment, implementation and management of efficiency-based programs and technologies.
Mesaba Airlines previously asked its labour unions for a 19.4% wage and benefit cut for a period of six years and has allegedly been unwilling to discuss alternative cost savings.
Present value of Rank Alternative cost Inventory (S) 1 12 -- Inventory tech.
Only when a business makes the shift to lean does the practitioner see an alternative cost system that is extremely appealing.
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