Opportunity Cost

Often you can't directly work out the cost of a thing itself.

You can instead work out the value of the best alternative forgone.

For example, writing "Yet Another Logging Framework" might seem to cost you 1 week. But if it stopped you from writing "The Million Dollar Feature" — then it has an opportunity cost of 1 million dollars.

See Also

http://lesswrong.com/lw/hhl/useful_concepts_repository/

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