Opportunity Cost
- Submitted by: felicialhold
- Views: 110
- Category: Politics: Economics
- Date Submitted: 09/28/2015 04:22 PM
- Pages: 2
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Opportunity cost- the value of the best alternative foregone, where a choice needs to be made between several mutually exclusive alternatives given limited resources.
In the video the discussion of opportunity cost was a concept really relevant in my managerial roles held over the years. In the first part of the video there was discussion around opportunity cost related to travel for promotion versus family time, at this point in my career I would have a different decision versus 10 years ago. I chose not to travel so that I could be at home more with my kids and which came at a cost because there fewer opportunities for advancement in my career.
The decision for the remainder of the video was relevant in making sure the customers were serviced promptly and effectively. The decision to have an on-call employee was good, but there was still another option that could be considered and help with opportunity cost. The call center could implement a staggered shift for one day employee to accommodate the busier times at the call center. Historical data of the peak times could be tracked and an employee could be scheduled to accommodate. The manager could ask for volunteers to support the shift which could be valuable for one of the employees to help supporting their personal lives. At this point both the call center and the employees could benefit from this decision with the understanding that the decision could be temporary. These are the decisions managers must make daily in order to reduce costs and remain profitable while customer service is not interrupted.
Felicia
In the video the discussion of opportunity cost was a concept really relevant in my managerial roles held over the years. In the first part of the video there was discussion around opportunity cost related to travel for promotion versus family time, at this point in my career I would have a different decision versus 10 years ago. I chose not to travel so that I could be at home more with my kids and which came at a cost because there fewer opportunities for advancement in my career.
The decision for the remainder of the video was relevant in making sure the customers were serviced promptly and effectively. The decision to have an on-call employee was good, but there was still another option that could be considered and help with opportunity cost. The call center could implement a staggered shift for one day employee to accommodate the busier times at the call center. Historical data of the peak times could be tracked and an employee could be scheduled to accommodate. The manager could ask for volunteers to support the shift which could be valuable for one of the employees to help supporting their personal lives. At this point both the call center and the employees could benefit from this decision with the understanding that the decision could be temporary. These are the decisions managers must make daily in order to reduce costs and remain profitable while customer service is not interrupted.
Felicia