Businesses need to minimize the risk of failure and maximize the chances of success, which is why managers need facts and numbers to work with when developing business strategies and choosing options.

Businesses make a variety of decisions on a daily basis: choosing the appropriate amount of inventory, balancing cash flows and selecting the ideal marketing plan are just a few. However, since ...

Opportunity cost is a concept in economics that refers to the value of the next best alternative that is forgone when making a choice — i.e., the cost of the best alternative that is not chosen.