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A benefit, value, or profit of something that must be given up to obtain or achieve something else. Since every resource can be put to different uses, every action, decision, or choice, has an associated opportunity cost . The cost of an substitute that must be forgone in order to follow a certain action. Place another way, the benefits you could have accepted by taking an alternative action. Opportunity cost analysis is an important part of a company's decision-making processes, but it is not treated as an actual cost in any financial statement. Opportunity costs are fundamental costs in economics, which are used in computing cost benefit analysis. Such costs, however, are not recorded in the account books but are recognized in decision making by computing the cash outlays and their resulting profit or loss.
OMICS Group International is a pioneer and leading scientific event organizer, publishing around 400 Open access journals and conducting over 300 Scientific Meetings all over the globe annually with the support of more than 1000 scientific associations, 30,000 editorial board members, and 3.5 million followers to its credit. Raising its curtains in the year 2007, OMICS Group International aims to disseminate knowledge with the help of its Open access Journals and marches on to instigate OMICS Group International Conferences in the year 2010, to provide a meaningful platform for the world renowned scientists, researchers, students, academicians, institutions, entrepreneurs and industries through its scientific events annually throughout the globe.
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This page was last updated on 20th Nov, 2014
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