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Opportunity cost is a crucial factor that can affect decision-making. This concept can be associated with finances, time, and other resources that have value. Opportunity cost may be explicit and implicit (Greenberg & Spiller, 2016). An explicit cost refers to actual financial investment, such as the purchase of a new computer. An implicit cost may be considered a result of allocating resources. When individuals make choices, they need to evaluate the benefits of the most appropriate option and use their assets effectively.
One of the most significant decisions I was presented within my life was selecting a university program. Opportunity costs of the choice I was considering were the cost of tuition and the time I would spend studying. The process I used to make the decision was writing down the options I had, such as the universities I wanted to apply to and the programs I was interested in. I also discussed the alternatives with my family to gain an outside perspective on the results of my decision. I knew that my choice would allow for enhancing my knowledge in the field and using my professional skills in the future.
Thus, the opportunity costs of applying for the program were reasonable compared to the potential profit. Responsible stewardship played a role in my choice too because this principle helped me to make a rational decision and use my resources wisely (Light, 2019). It also allowed me to realize that by enrolling in the program, I would be responsible for committing my time and effort to the development of the university’s community. I think that I have made the right decision because I considered opportunity costs and implemented the principle of responsible stewardship.
References
Greenberg, A. E., & Spiller, S. A. (2016). Opportunity cost neglect attenuates the effect of choices on preferences. Psychological Science, 27(1), 103-113.
Light, M. (2019). From responsible custody to responsible stewardship. Web.
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