Opportunity costs are the potential benefits a person or company forgoes when choosing one alternative over others. Both business decisions and personal decisions can have opportunity costs. While opportunity costs are measured in terms of monetary impact for cost accounting purposes, in reality, most important decisions have both quantitative and qualitative components.
For this essay, choose either a personal decision or business decision and explain both the quantitative and qualitative factors involved. Do not give actual dollar amounts—just relate in general terms. Explain the process by which you made the decision. What was the opportunity cost of the decision? Did qualitative factors outweigh quantitative ones? Which factors, if they had changed, would have resulted in a different decision?
