Opportunity Cost In my recent career, having worked for 7 years in the
profession of operations and process middle level management, I had
the further ambition of being a corporate leader or senior manager.
The shortest strategy would have been to do and MBA while the longer
strategy would have been to continue
working and queuing in the
career paths until somebody in front either got promoted, or resigned
or retired. I opted for the MBA going by the previous academic
qualification and
work experience. (Curran 1999 p. 139)
The next step was to make an even bigger choice of doing full
time MBA for 2 years, by taking a study leave or doing part time
evening study MBA for 5 years while working during the day. Clearly,
from my regular work schedules and longer working hours, doing the
evening part time MBA would prove difficult as work would suffer
every time I left early and I would still have to take
responsibility. On the other hand it would cost me nearly double if I
took the evening part time MBA as compared to the fulltime. At this
stage my opportunity cost was to forgo the part time MBA. (Curran
1999 p. 139)
Still in the circle of employment, every single job
advertisement in the newspaper for senior management position were
all demanding for MBA qualification as a minimum? I figured out
whether I was ready to wait for another five years at most or whether
I could come out of active
employment with savings and do a full time
MBA so that I could be eligible in just two years. In this case I
saw that the cost of continuing with employment at that level when I
made the choice of an MBA fulltime was the second best alternative.
Therefore, my opportunity cost was to forego employment. (Curran 1999
p. 140)
List
or reference:
Curran.
J., (1999), Microeconomics:
Thompson
Learning. EMEA, p. 139 – 140, ISBN 1861524749
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