This website uses cookies to ensure you have the best experience. Learn more

Topic Of Opportunity Cost Doing Mba

636 words - 3 pages

1. Topic of opportunity costIn this section, we will discuss what are the opportunity cost and application of the opportunity cost in attending an MBA program and Malaysia pegging its dollar to the US dollar.1.1 Concept of the opportunity costChoice involves sacrifice. The more food you choose to buy, the less money you will have to spend on other goods. The more food a nation produces the fewer resources will there be for producing other goods. In other words, the production or consumption of one thing involves the sacrifice if alternatives. This sacrifice of alternatives in the production (or consumption) of a good is known as its opportunity cost (Sloman J. 2003, p. 7). In theory, the opportunity cost of any activity is the sacrifice made to do it. It is the best thing that could have been done as an alternative.A rational person will choose to do an activity if the gain from so doing exceeds any sacrifice involved. In other words, whether as a producer, a consumer or a worker, a person will gain by expanding any activity whose marginal benefit (MB) exceed its marginal cost (MC) and by contracting any activity whose marginal cost exceed its marginal benefit. The term 'cost' in economists are referring to 'opportunity cost', in other words, the sacrifice of alternatives (Sloman J. 2003). Thus the economist's rule for rational economic behavior is that a person should expand or contract the level of any activity until its marginal benefit is equal to its marginal cost. At that point, the person will be acting efficiently in his or her own private interest. Only when MB=MC can no further gain be made. This is known as a situation of private efficiency. By analogy, social efficiency will be achieved where, for any activity, the marginal benefit to society is equal to the marginal (opportunity) cost to society.1.2 Application of opportunity costThe research evaluated...

Find Another Essay On Topic of opportunity cost doing MBA

Does a basic level of water service outweigh the cost of doing so?

1234 words - 5 pages In 2002, the UN Committee on Economic, Social and Cultural Rights described water as a “limited natural resource and a public fundamental for life and health.” (UNCESCR, 2003) Drawing on a variety of international treaties, UNCESCR declared that “the right to water is clearly…essential for securing an adequate standard of living, since it's the foremost basic conditions for survival.” (World Health Organisation, 2003,) Hence, access to adequate

MBA Analysis

1214 words - 5 pages . In this analysis one has to consider the foregone income because of regular college and not going for job. Important costs to be considered are the tuition fees, admission fees, and the scholarship benefits along with the opportunity costs which are annual salary and bonus. Below table provides for information about the cost of MBA and the income foregone: Costs of MBA Amount in $ Incomes sacrificed Amount in $ Semester Tuition Fee 20,000

MBA Career

1188 words - 5 pages individuals who are typically enthusiastic innovators, seeing new possibilities, different theories, and new ways of doing things. Further in the paper we will look at the benefits of undertaking MBA program including: better career prospects, opportunity to gain not only theoretical knowledge, but also listen to experience class mates. The paper will conclude with my personal expression regarding this topic. MBA degree to further your

Is an MBA Necessary for a Successful Career?

870 words - 4 pages starting up business venture. If MBA is measured in monetary term, people argue that getting MBA is not worth it anymore because the return of investment for getting an MBA is very low. But factors such as confidence and networks cannot be monetized. To some people the benefit they get from confidence and networks outweigh the cost of getting MBA Conclusion In conclusion, to some extent mastering the business degree is essential to a

MBA Admission Essay

909 words - 4 pages such way would be to create business strategies that would result in low cost telecommunication services. I am applying to the Smith MBA program at this time because after 3 years of engineering experience, I have come to a crossroads in my career. Though I have relevant work experience, it has not prepared me adequately to deal with the extensive strategic questions faced by senior level managers. My professional motivation for seeking an

Application Essay to the Master Business Adminstration Program

615 words - 3 pages bachelors I have acquired broad overview of how the business world operates. At my current educational level, I feel I would quickly exhaust every avenue of opportunity, and need to increase my depth of understanding and by participating in Lake Head University Master Business Administration program, a logical and natural continuation of my undergraduate education, will vastly help on personal grounds my own market value would be apprehended and I

example of marketing plan

1654 words - 7 pages Harvard to obtain an MBA. The unavailability of online classes. Many future students who want to enroll to obtain a MBA might be working full time and may not be able to have the opportunity to go to a classroom to learn material. For the convience of those types of enrollees , it would be more helpful if there were online courses available that can fit the student's schedule. The unavailability of different class times. Some people

Marketing Plan; MBA Program. steps of marketing plan, objectives, recommendations

1654 words - 7 pages Harvard to obtain an MBA. The unavailability of online classes. Many future students who want to enroll to obtain a MBA might be working full time and may not be able to have the opportunity to go to a classroom to learn material. For the convience of those types of enrollees , it would be more helpful if there were online courses available that can fit the student's schedule. The unavailability of different class times. Some people

Looking Back on the MBA Program

723 words - 3 pages Looking back An in person interview was part of the application process for the executive MBA program. In this interview, Julie Orzabel explained the program as “doing 4-6 weeks of a regular MBA program in a single weekend”. At first, this makes sense but now I think nothing is farther from the truth and it should not be the objective either. The most impactful courses in the curriculum are these that provide the basic concepts rather than full


1718 words - 7 pages market 20 000 1.7% Customer type In conclusion from the studies done by the MBA students, it is shown that the level of sales will rise with the Skisailer over their set five-year period. However, this is hard to imagine due to the fact that the sales of the product were not doing so well during its first year on the market. Although, it is hard to imagine that David and Mistral have some hope with the Skisailer, it does not

Opportunity Cost Comparison

591 words - 2 pages When making decisions in personal and professional lives, one must identify and compare opportunity costs. When comparing options, it is important to analyze every cost and other opportunities that one must give up. Choosing between taking an absence from work, moving out of town and pursuing a MBA degree full time or maintaining one's current job while enrolled in a local MBA program has many opportunity costs for each. Focusing first on taking

Similar Essays

Cost Descriptors Dys Singa University Of Phoenix Mba 503: Introduction To Finance And Accounting

1428 words - 6 pages income measurement and inventory valuation. It is imperative that all HRM understand how the organizations budget expenditures are affected by various operational costs. In order to facilitate effective forecast and business decision-making this memo will define the key costs terms referred to as fixed, variable, direct, indirect, sunk, marginal, total costs, actual, and opportunity costs. Examples of these cost terms will be given.Cost accounting

An Overview Of How Can The Ppf Model Help To Explain The Issues Of Choice, Opportunity Cost, Growth And Unemployment

611 words - 2 pages Economics is less about money, then it is about resource management. That is how to satisfy unlimited wants, with scant resources.The question of how to satisfy unlimited wants with limited resources, is one that effects a multitude of people including individuals, firms and governments. A very important concept that needs to be understood, in order to effectively answer this question, is that of opportunity cost.Opportunity cost, is often

The True Cost Of Doing Business Overseas

1193 words - 5 pages upside this very desire to raise profit margins is beginning to bring jobs back, at least in manufacturing. The diminishing value of the dollar, rising fuel costs, and time constraints are beginning to bring some of these jobs home (Engardio, 40). With the value of the Yuan (Chinese currency) rising and the value of the dollar plummeting Europe is now shipping jobs that would have traditionally gone to china to the United States. The cost of

The Challenges Of Doing Business Overseas Mba 501

1450 words - 6 pages assess the demand for his product and what type of cost structure he will need to have for his pizza business.Cultural Differences between the U.S and the Czech RepublicThe Czech Republic has changed from when it was a part of the communist regime. Western practices are becoming more common among European countries that are no longer under the reign of communism; however, the culture in the Czech Republic is still more formal than in the United