When making competitive priority decisions the firm: must ensure the pwp is correctly established must select the correct supply chain must isolate the competing internal departments must focus on the one competitive priority at the exclusion of all others must make trade-off decisions?

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Business

Ellie Stuart

27 February, 03:26

When making competitive priority decisions the firm: must ensure the pwp is correctly established must select the correct supply chain must isolate the competing internal departments must focus on the one competitive priority at the exclusion of all others must make trade-off decisions?

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Stephany Mayer · Answer 1

When making competitive priority decisions the firm "must make trade-off decisions".

Making decisions requires exchanging off one thing against another.

In economics, the term trade-off is regularly communicated as an opportunity cost, which is the most favored conceivable option. A trade-off includes a forfeit that must be made to get a specific item or experience. A man surrenders the chance to purchase 'great B,' since they need to purchase 'great A. For a man setting off to a ball game, their financial trade-off is the cash and time spent at the ballpark, when contrasted with the option of watching the diversion at home and sparing their cash, in addition to the time spent heading to the ball game.