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OPPORTUNITY COST.

Source :
Encyclopedia of Operations Research & Management Science; 2001, p588-589, 2p
Publication Year :
2001

Abstract

The article presents an encyclopedia entry for opportunity cost. The term is defined as the cost associated with opportunity or the money or other value sacrificed through the selection of a nonoptimal course of action. Opportunity cost is the reduced cost of a variable in linear programming and not in the optimal basic solution.

Subjects

Subjects :
OPPORTUNITY costs
LINEAR programming
MATRICES (Mathematics)
ALGEBRA
MATHEMATICAL optimization

Details

Language :
English
ISBNs :
9780792378273
Database :
Complementary Index
Journal :
Encyclopedia of Operations Research & Management Science
Publication Type :
Book
Accession number :
21891686

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