a cost trade-off is a situation where course hero

What is the difference between tradeoff and opportunity cost?

A cost trade - off is a situation where : a. all costs react according to their individual degrees of inflation in the economy . b. all costs are reflected as a percentage variation from standard costs . c. some costs increase and some costs decrease . d. some costs are eliminated by efficient management controls .

What is trade off in economics?

Mar 06, 2017 · A cost trade-off is a situation where: a. all costs react according to their individual degrees of inflation in the economy b. all costs are reflected as a percentage variation from standard costs c. some costs increase and some costs decrease d. some costs are eliminated by efficient management controls. 20.

What is the trade-off between cost and labor?

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What are the two tradeoffs to deliver the project according to scope?

The tradeoff that you make, since cost is of the lowest important, is to get better marble, and get more labor to replace the old marble with the new marble. Now let's look at another situation in the same example, you feel that your project is going to be late. Again, since cost is of little importance, then you add more labor to finish on time.

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What is a trade off decision?

The decision to make a trade off is really based on the importance of each and every constraint. For example, some projects have a fixed deadline that is impossible to change, other projects may have a tight budget that they can never exceed, while the remaining projects have a scope that should never be altered.

What is a project trade off?

Project trade offs means that in case one (or more than one) constraint is no longer aligned with the original project plan, then the project manager will rectify the situation by playing with the remaining constraints. The decision to make a trade off is really based on the importance of each and every constraint.

When to start playing with the most important constraint?

In any project, you start making tradeoffs from the least important constraint, and you start playing with the most important constraint only when your project is in a desperate situation.

How many rider requests are satisfied with one vehicle?

Moreover, the three rider requests are satisfied with one vehicle, providing the most efficient use of the vehicle and the driver’s time. Therefore, cars on the roads can be utilized more efficiently while providing riders with a more affordable option.

How many rides does Uberpool have?

Since its launch, uberPOOL has become a popular carpooling service for riders worldwide and has served over one billion rides. Moreover, uberPOOL constitutes a large portion of the company’s overall business.

Is Uberpool cheaper than UberX?

This popular carpooling service is available at a lower price because riders are able to split the cost of the trip across multiple riders. With u berPOOL, a rider can pay as much as 50% less than uberX, depending on the city, making it most often Uber’s cheapest service.

Is UberPOOL beneficial?

In essence, uberPOOL can create a holistically beneficial scenario wherein riders benefit from lower fare costs; drivers’ time and vehicles are optimally utilized; and Uber is able to fulfill more trips. The following is a walkthrough of the user experience of ordering an uberPOOL as of September 2017.

What is trade off cost?

Trade off and opportunity cost are important and useful concepts in economics. They can be used in many business and real life situations. Trade off is sacrificing certain option to get another opportunity whereas opportunity cost is the cost that has to incur as a result of selecting the so-called opportunity.

What is the difference between opportunity cost and trade off?

These two concepts are concerned with the scarcity and the choice. Trade-off is sacrificing a certain option to choose another opportunity whereas opportunity cost is the cost that has to incur as a result of selecting the so-called opportunity. Thus, the opportunity cost is always the result of tradeoff. This is the main difference between Opportunity Cost and Trade Off.

What is trade off measurement?

Trade off can be described as a technique of measurement which measures the most preferred possible alternative. When we make trade off, the thing that we do not choose is called the opportunity cost. Trade off can produce the same results but factors like level of risk, different paths, comfort, can result in different level ...

What are some examples of trade offs?

Example: You will miss the chance to watch a movie you like if you watch Olympic.

What is trade off in business?

The trade-off is a term used to describe the courses of action given up in order to perform the preferred course of action. Conversely, the opportunity cost is defined as the cost of opting one course of action and forgoing another opportunity, to undertake that course of action. Trade-off refers to all the other alternatives which are foregone, ...

Why is the opportunity cost of a course of action different for different individuals or entities?

The opportunity cost of a course of action can be different for different individuals or entities, because it is determined by a person’s needs, wants, money and time. Therefore, what is valued more for an individual than any other thing, vary among individuals, while deciding the way in which resources are to be allocated.

What is the cost of opportunity?

It is the actual return of the forsaken alternative, which cannot be obtained, due to the scarcity of resources.

What is economics?

Economics is all about making choices, in order to make best possible use of the scarce resource. Whenever we make a choice among various alternatives, we have to forgo other options. In this context, two economic terms are often misconstrued, which are the trade-off and opportunity cost.

What is the concept of scarcity?

The concept of scarcity gave birth to the notion of trade-off and opportunity cost. These directly apply the principle of scarcity, as people have to decide, which one to choose among various alternatives while spending their time and money. The opportunity cost of choosing a project over the other, i.e.