Opportunity Cost

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    Opportunities

    Opportunities and Trends Opportunities Created by Macro Trends in Society 1. 2. Aging Western society 3. Focus on better healthcare and rising costs 4. Social Security – in what form will it continue to exist? 5. Increasing abortion 6. School voucher programs 7. Restrictive gun rights 8. Increased use of illegal/recreational drugs 9. Medical marijuana 10. Evaluation of teachers’ performance 11. Poor education in US public schools 12. Poor US high

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    Entrepreneurial Opportunity

    Entrepreneurial Opportunity People spend hard-earned dollars for health care services and require answers to health care questions and issues that are confusing to many of them. Concierge care is an excellent business opportunity. There has been tremendous growth. Health Care Concierge provides a professional, discrete, and reliable resource for individuals. . Concierge Nursing Concierge care is a new avenue for nursing. Concierge nursing stems from the relatively new concept of concierge

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    Cost

    Material Cost Classifications Consult Ch. 6 & 7 of Health Care Finance and other sources to complete the form. This worksheet requires you to match the definitions and examples of types of cost, and the types of centers where costs occur. Part 1: For each term in Column A, select the correct definition from Column B on the right. Write the corresponding letter of the definition next to the term. Column A F 1. Indirect costs A 2. Direct costs D 3. Fixed costs I E H

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    Opportunity Cost

    Opportunity Cost Introduction In this paper you are going to have a list of questions referring to opportunity cost, absolute advantage, and comparative advantage. This is based on Michelle being able to grow 200 pounds of potatoes or raise 50 chickens if she uses all her resources for each. James is able to grow 80 pounds of potatoes or 40 chickens if he uses all his resources for each. What is Michelle’s opportunity cost of producing potatoes? The opportunity cost of producing

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    Airasia Opportunity

    of low-cost carrier's including AirAsia, AirAsia X, AirAsia Philippines, Indonesia AirAsia, Thai AirAsia, and AirAsia Japan. Opportunity In recent years, rapid economic growth resulted in a burgeoning middle class within Asia’s large population. For the Indonesia AirAsia, Indonesia has 12 million people who travel by air every year against 3 million passengers who fly everyday in the United State. It would call for at least a 5-6-fold increase in capacity. It points to a huge opportunity for AirAsia

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    Cost Cost

    Part of the process of pricing your product is including the costs of producing that product. Those costs include the direct and indirect costs associated with producing your product. Direct Costs Direct costs are costs that can be easily traced to a particular object (also called a cost object), such as a product, the raw materials used to manufacture a product, or the labor associated with the work to produce the product. If your company produces a widget and a production manager is hired to

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    Opportunity

    Opportunity Well I will keep my speech to just one word and would like you to make a guess at the end as to what the word is. Well this is one thing for which everyone works hard ... tries to get to the best possible place ...tries to enter the best possible institution but the funny part of the story is ... its scattered all over the place and very few bend down and pick it up .... Confused ???? then lets be classified .... Well the dictionary says “A favourable or advantageous circumstance

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    Weighing Opportunity Costs

    CONCEPTS OF MICROECONOMICS Weighing Opportunity Costs In our first week of Microeconomics we are looking closely at a specific scenario. We will use what we read and what we learned the first week, about the basics of Microeconomics. We will look closely at opportunity costs and at comparative advantages. The scenario this week is as follows. Two people, Michelle and James live alone in an isolated region. They each have the same resources available and they grow potatoes

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    Opportunity Cost

    | Every time we have to make a choice we are faced with an opportunity cost. Using an example in your professional life identify a situation where you were presented with a choice, the opportunity cost of the choice you made and the process you used to make your choice. As part of your discussion explain whether or not responsible stewardship played a role in your choice. Remember to use the appropriate economic concepts and terminology that are applicable to your answer. In my professional life

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    Opportunity

    OPPORTUNITIES All organizations have some external opportunities that they can pursue. Identifying profitable opportunities that match the capabilities of a firm is the mark of astute management. (O1) Strong growth in tablets market. Reference: http://licious.dailysocial.net/post/44849056185/techcrunch-reveals-some-statistics-on-the-global There is a rapid increase in demand for tablets thus its markets grew steadily over years and Microsoft could use this opportunity by introducing more of

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    Opportunity Cost

    Burton Cummings graduated with honors from the Canadian Trucking Academy, his father gave him a $350,000 tractor-trailer rig. Recently, Burton was boasting to some fellow truckers that his revenues were typically $25,000 per month, while his operating costs (fuel, maintenance, and depreciation) amounted to only $18,000 per month. Tractor-trailer rigs identical to Burton’s rig rent for $15,000 per month. If Burton was driving trucks for one of the competing trucking firms, he would earn $5,000 per month

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    Cost

    Cost Descriptions Paper Cost Descriptions One of the most common terms heard in the business world is fixed cost. Fixed costs do not depend on the amount of sales or the current level of production of a company. A fixed cost does not vary it remains the same every month. “By installing modern, sophisticated equipment, you can virtually eliminate labor in the production of inventory. At high volume, you will do quite well, as most of your costs are fixed. At low volume, however, you could face

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    Opportunity Cost

    of benefits and losses. 2 Describe the opportunity cost of the choices made by the traveler. An opportunity cost is the measure of a cost in a missed opportunity. In a variety of different dilemmas, there is generally an infinite amount of choices to be made. In the traveler’s dilemma, he or she has the opportunity of submitting a certain amount in order to maximize their gains and minimize their losses. By only speaking in terms of opportunity costs in a traveler’s dilemma, it is very difficult

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    Opportunity Cost

    Opportunity Cost Name Course Subject Among the key concepts in economics and in the whole world is that resources are finite, and they are not freely available. This is the fact that forms the entire basis for economics because if the resources were freely available and infinite then there would be no need for commerce and money. The scarcity of resource means that using a resource to make something means a person cannot use the same material to make something else at the same time

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    Opportunity Cost and Trade Advantages

    Unit 1 Individual Project Opportunity Cost and Trade Advantages Heather L. Sellers AIU Online, Microeconomics ECON220-1401A-04 Abstract The unit 1 individual project has requested that specific questions in relation to Comparative Advantage, Absolute Advantage, Opportunity Cost and Trade be completed. This paper will show the formulas to determine the information for who has absolute advantage, who has comparative advantage and what the opportunity cost is for each trade option. This paper

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    Equality of Opportunity

    Equality of Opportunity. Reading the articles I have come to the conclusion that opportunity and social class play the crucial role in our society. We always discussed the questions which were related with inequality and huge gap between black and white, low and high social classes. Based on the article of Richard Rothstein poor children rarely succeed in a life. School performance depends on many factors such as health, housing, background, social class and race. Society along with schools prepares

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    Opportunity

    Opportunity: The cell phone industry has become increasingly larger within the last three years as a result of more affordable cellular phones as well as lower service costs. Companies are competing in an advance technology and communication sector in which success attracts customers to buy their products and services. The market is very competitive because they offer the same products and services, but has different physical attributes to the phones and different costs, which buyers have choices

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    Opportunity Cost

    Opportunity cost, from an economics perspective, is the value of the alternative that must always be sacrificed to obtain a good or service. All sane people have unlimited wants which they try to satisfy with the limited resources of the world. Limited resources lead to scarcity, which then lead people to weigh their alternatives and make choices. In the end, no matter which choice they make, it will always leave behind a cost, an opportunity cost. Basically, with the resource of time, humans engage

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    Opportunity Cost of Macroeconomic and Microeconomic Events

    have to be deducted and more jobs would have to open which is heinz size 20/20 in order to be able to grant unlimited benefits to all unemployed workers for an unlimited amount of time, there would have to be a rational change to that; either the costs of goods would have to be lesser or the government would have to provide some kind of benefits for active workers so in fact at least more people decide to work again. It would affect them and us big time, we are in a current debt of trillions of

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    Cost

    Question 1. Costs may be broadly classified as: Selling and administrative Product and marginal Fixed and variable Fixed and indirect Question 2. For a hot bread shop, which of the following costs would most likely be classified as variable rather than fixed? Flour Advertising Equipment lease payments Rent of premises Question 3. Which statement is correct in relation to fixed costs per unit of output? They stay the same irrespective of the level of activity

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    Cost Opportunity

    Opportunity cost refers to what you have to give up to buy what you want in terms of other goods or services. When economists use the word "cost," we usually mean opportunity cost. The word "cost" is commonly used in daily speech or in the news. For example, "cost" may refer to many possible ways of evaluating the costs of buying something or using a service. Friends or newscasters often say "It cost me $150 to buy the iPhone I wanted." Definitions and Basics Opportunity Cost

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    Opportunity Statement

    Opportunity Statement 1) Job to be Done: Fix the Stevens Shuttle GPS APP System currently being used. 2) Symptoms of Problems: As of right now, the GPS system takes a while to update itself and students are often confused the exact location of Shuttle. This often causes students to be delay to class or meeting. 3) Current Practice and Supporting Systems The current shuttle system obtains a certain route for the AM and PM shift. Students often check an App on their cell phones

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    Opportunity Cost and Productivity in Agriculture

    Case 1.2 Opportunity cost and productivity in agriculture Summary This case study shows how the concept of opportunity cost can be applied to calculate a measure of the value of economic activity that incorporates resource costs due to environmental damage from the activity. Suggested answers 1 What is a society’s benefit from higher productivity? Productivity equals the ratio of value of output from a production activity to the value of resources used in doing that activity. Hence

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    The Persuasive Power of Opportunity Cost

    요약: 기회비용에 관한 설득력 의사결정에 대한 폭넓은 연구결과에 따르면 사람들은 주로 그들에게 주어지고, 설명되는 설정(Frame) 및 특성을 그대로 받아 들이는 경향이 있으며, 이는 어떻게 Frame을 하는가가 매우 중요하다는 것을 이 컬럼에서 말해준다. 고객에게 이러한 방법으로 보다 낳은 여러분의 가치를 보여 줄 수 있으므로 충분한 시간을 가지고 프레임을 어떻게 할 것인가를 고민해 보아야 한다. Shane Frederick 교수도 처음 스테레오를 살 때 이런 경험을 얘기한다. 천불짜리 Pioneer와 칠백불짜리 Sony 사이에서 고민하고 있을 때, 판매원이 “Pioneer를 살까? 아니면 삼백불어치의 CD와 Sony를 살까?”라고 생각해 보라는 얘기를 하자, 그때까지 생각해보지 못했던 삼백불의 CD라는 가치를 느끼면서 Sony로 결정할 수 있었다. 사람들은 보통 A는 B보다 50% 또는 $300 싸다는 등의 단순 비교를 하며 Promotion을 하지만 그 차이가 가지고 있는

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    Feedback and Opportunities

    thoroughly. As this is taking place the employee has enough time to prepare and be comfortable with the meeting. The next important factor in the feedback process is to ask the employee for an interview. Asking shows respect and gives an opportunity for the employee to consider if he or she wants to listen. If the employee decides not to listen another approach must be taken to ensure that the task is completed. Although many managers find the process of feedback distasteful, it is

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    Business Opportunities

    essay: The Sources of Entrepreneurial Opportunities: Individuals & the Environment Doctoral Research Paper 2 of 5 Nikolina Fuduric Doctoral Supervisor: Professor Anne Lorentzen February 2008 Department of Planning and Development Aalborg University Aalborg, Denmark 1.0 INTRODUCTION No extensive empirical study on the sources of entrepreneurial opportunities included the individual, the environment and

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    Cost

    and goodwill can increase long-run profit, even if they reduce short-run profit. The Problem with Profit Maximization A second insight into how real-world firms differ from the model is that in the real world the decision makers’ income is often a cost of the firm. Most real-world production doesn’t take place in owner-operated businesses; it takes place in large corporations with eight or nine levels of management, thousands of stockholders whose stock is often held in trust for them, and a board

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    Equality of Opportunity

    Essay Assignment: Equality of Opportunity Part 1: Formal equality of opportunity refers to the requirement that” positions and posts that confer superior advantages should be open to all applicants” (“Equality of Opportunity”). In essence, formal equality of opportunity advocates that all applications are evaluated on their merits and achievements. It states that positions should be offered to applicants who are deemed most qualified in accordance with the appropriate criteria for the position

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    Opportunity Cost

    Opportunity Cost Paper If you could understand and apply one key concept in economics that would most affect the decisions you make in both your personal and professional life, it would be opportunity cost. That is a bold statement; therefore, you must understand why and how this statement is true. First, you must understand a definition: opportunity cost is the value of a resource in its next best use. These thirteen words are so deceptively simple that to many these words defy understanding

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    Cost

    are in the throes of the language of reform. But most reform efforts are more about improvement rather than rethinking something more fundamental. The health care “reform” is xiv What's New? flast.indd xiv 04/01/11 11:09 AM mostly about cost control, who pays, and increasing the pressure on standardization. There is no reform in that conversation, just better or different management. Real reform in health care will come from changing our relationship with our service provider and having

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    Costs

    HOW THEY AFFECT COST. ECONOMIES OF SCALE When more units of a good or service can be produced on a larger scale with less input costs, then economies of scale are achieved. Economic growth is achieved when economies of scale is realized, this then implies that as a company grows and production units increase, the company will have a better chance to decrease its costs. There economies of scale are the cost advantages that a company obtains due to expansion, which leads to unit cost reduction as the

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    Mrket Opportunities

    confidence has led to disappointing sales. However, BBQfun intends to return to health sales of $11 million in 2012 through on its organizational strengths, through targeted marketing strategies aimed at key segments and through exploiting marketing opportunities. The competitors are: *National competition; * The Yard * BBQ’s R Us * Outdoorz *Local competition; * All independents Competitor Profile. Business name | The Yard | BBQ’s R Us | Outdoorz | All independents

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    Crisis Is an Opportunity

    is an opportunity Since the turn of new century, a crisis occurs is an obvious and normal case as each country will have the advance technologic to predict and know before the crisis happened. Besides that, most of the country will face a crisis because it is a flow. From my own view point, a crisis can bring lots of advantages to the human being and the country. Furthermore, it is a ways which can let a country reborn and restructure. Firstly, in an economic crisis it is an opportunity for

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    Opportunities

    Opportunities Opportunities 1 May 26, 2010 Opportunities 2 In today’s society the definition of the word minority is obsolete; it now makes up a more diverse group of people, than the normal non Caucasian race it originally classified. "Minority" carries with it a certain patronizing tone even when used to assert rights of peoples who have been discriminated against, either socially or by law. I am classified as a double minority, for the reasons of being African American and a woman

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    Cost

    Solution of 2012 Mid Term Exam Cost Accounting- Third Year Question No. One: 1- ABC Company Schedule of Cost of Goods Manufactured For October Direct material costs Beginning inventory of Direct Materials 4,000 Direct materials purchased ………………………135,000 =Cost of direct materials available for use………..139,000 (-)Ending inventory of Direct Materials………….. (5,000) Direct materials used…………………………………………………………….…134,000 Direct manufacturing labor costs………………………………………………….…50,000

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    Econ Opportunity Cost

    1. What is an opportunity cost? How does the idea relate to the definition of economics? Which of the following decisions would entail the greater opportunity cost: Allocating a square block in the heart of New York City for a surface parking lot or allocating a square block at the edge of a typical suburb for such a lot? Explain. LO1 Answer: An opportunity cost is what was sacrificed to do or acquire something else. The condition of scarcity creates opportunity cost. If there was no

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    Cost

    CLASSIFICATION OF COSTS: Manufacturing We first classify costs according to the three elements of cost: a) Materials b) Labour c) Expenses Product and Period Costs: We also classify costs as either 1      Product costs: the costs of manufacturing our products; or 2      Period costs: these are the costs other than product costs that are charged to, debited to, or written off to the income statement each period. The classification of Product Costs: Direct

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    Cost

    COST AND VALUE MANAGEMENT IN PROJECTS Ray R. Venkataraman and Jeffrey K. Pinto John Wiley & Sons, Inc. This book is printed on acid-free paper. Copyright  2008 by John Wiley & Sons, Inc. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or

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    Opportunities

    Opportunities surround us on a day-to-day basis; however, the challenge occurs in the capturing and implementation of the opportunity. In order to capture the reward of significant opportunities, one must be willing to advocate on behalf of the cause and benefits along with the acceptance of risk factors that may and will incur during the process journey. As with any other factors in life, opportunity pose its pros and cons. According to South University (2013), pros consist of choosing the

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    Costs

    hygienic and customer friendly retail environment’.3 Mr. Han Keen Juan Executive Chairman of OCK, indicated that OCK would consistently persist to strengthen its market leadership position in the Savory Snack industry by managing its operating costs to boost productivity. OCK’s vision is to ‘be prepared for adjustments and challenges’.4 Rising from a Small Stall to One of the World’s Best Food Chains The origins of OCK in Singapore is dated back to 1956 beginning as a small shop near the then

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    Marketing Opportunities

    40% | 40% | 51% | 52% | 61% | >51 | 28% | 31% | 33% | 37% | 33% | 1. What further information would you need to analyse information on market and business needs to identify marketing opportunities? Good information is the foundation for good marketing, in order to identify marketing opportunities three main sources of information will be needed. Firstly, an organisation’s own record of their performance, in this case is the daily sales report. Secondly, specially commissioned market research

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    Costs

    Direct Costs vs. Indirect Costs Direct costs are any costs that are paid directly towards the material, labor, etc. of a product or service. Any cost associated with administrative needs, or ‘behind-the-scenes’ type costs, are known as indirect costs. Almost every venue of manufacturing, healthcare, or business in general has some form of indirect costs. Many times, these costs are overlooked when paying for a service or product. They are costs wrapped into the total cost of an item or service

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    Cost

    c. the decision model. d. all of the above. Answer: d Difficulty: 2 Objective: 1 43. Place the following steps from the five-step decision process in order: A = Make predictions about future costs B = Evaluate performance to provide feedback C = Implement the decision D = Choose an alternative a. D C A B b. C D A B c. A D C B d. D C B A Answer: c Difficulty: 2 Objective: 1

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    Introduction to Microeconomics and Opportunity Cost

    Introduction to Microeconomics and Opportunity Cost 1. What is the difference between microeconomics and macroeconomics? The key difference between micro-economics and macro-economics is that micro-economics is concerned with the individual, group or company level; whereas macro-economics is concerned with the study of economics on a national as well as holistic scale. Therefore micro-economics specifically focusses on issues that affect individuals and associated company/enterprise 2. What

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    Opportunity Cost

    order to help with your answers – you are not required to present a graph): a) What it is the opportunity cost of producing an additional bowling ball measured in terms of forgone bicycles in western Leisureland? b) What is the opportunity cost of producing an additional bowling ball measured in terms of forgone bicycles in eastern Leisureland? c) Explain the difference in opportunity cost between western and eastern Leisureland. Which region has a comparative advantage in producing

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    Opportunity Cost

    choice betweent the family care and work. He or she may give up one of them. So the opportunity cost is the cost of any activity measured in terms of the best alternative forgone. He or she has to make the rational decision(choices that involve weighing up the benefit of any activity against its opportunity cost, ) it’s depend on the marginal cost has smaller than the marginal benefits. Marginal cost is the additional cost of doing a little bit more (or 1 unit more if a unit can be measured) of an activity

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    Cost

    the same manner The cash flow estimates will be the same in every life cycle Example Eric Forman, a project engineer is assigned to start up a new office in Wisconsin. Two lease options are available: Location A Location B First cost, $ $-15,000 $-18,000 Annual lease cost, $ per year -3,500 -3,100 Deposit return, $ 1,000 2,000 Lease term, years 6 9 For Location A, demonstrate the the equivalence at i = 10% of PW ($-55,888.4) over three life cycles and AW over one cycle. Dr.Serhan Duran (METU) IE

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    The Opportunity Costs of Systems Analysis and Design

    The Opportunity Costs of Systems Analysis and Design Date: 24 March, 2010 For a specific application, the first task is to decide which methodology is appropriate for its development. The structured system analysis and design (SSAD) method has been fine-tuned and used for many years in the real world. However, during the last several years, object-oriented approaches towards analysis and design (OOAD) have become increasingly more popular and more widely used in industrial organizations

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    Cost on It

    advantages. In the context of information technology development, enterprises in different levels of IT stages are carrying out various IT related strategies according to their needs and specific conditions. Therefore, there is no necessary link between the cost of IT investment and the achievement of business benefit. First of all, with the population of smart phone devices, people have enjoyed the benefit of IT in the daily life. The trend of personal IT consumption encourages the development of enterprise

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    Entrepenuer Opportunities

    10.1108/03090560910946963 The author gratefully acknowledges the support provided by the Norwegian Research Council. The author also thanks Ross Gilham and the anonymous reviewers for their guidance in improving this manuscript. “transaction-cost analysis”. The GVA model purported to identify various forms of governance upon which firms should rely to achieve value creation in their supply-chain relationships. The purpose of this commentary is to present a critique of the applicability of GVA

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