Opportunity cost is much discussed in economics classes, but frequently forgotten when it comes to decisions in our daily lives. The decision of whether we do something -- build a product, invest in a business line, or run a test -- should not be about one option in isolation, but in the context of the other things that we could be spending our time and resources on instead. Its often hard, if not impossible, to compare alternatives on the exact same metric. Even so, its still a useful exercise to acknowledge the options, along with their costs and benefits, before driving down a path.Thinking about alternatives is also a great way to confront our human tendency to continue down the path we are already committed to #happywkend
Posted on: Sat, 27 Sep 2014 07:31:23 +0000
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