Opportunity cost is a big factor in decision making because it is the value you can't have because you chose the other option. Thus, the person who needs to make a decision should weigh the options to come up with the best decision.
Opportunity cost in decision making especially in business decision making is quite important. This forms the basis of making a decision where monetary cost of the losses can be measured if we choose one option over another. Generally a decision maker will go in with the option that has a lesser loss in terms of … Read more