The value of the best available alternative forgone when choosing a particular course, in light of the purpose and information available.
When Is Stepping Back a Courageous Decision?Source cited by the articleWords that help us understand
All conceptsOpportunity cost
Meanings in context, with links to the articles and sources in which they appear.
The value of the next-best alternative forgone when choosing, not the sum of every possible alternative.
What Do We Pay When We Say Yes?Source cited by the article