Opportunity Cost: Making a choice means sacrificing something else at the same time because we can’t have everything. If the value of what is given up is significant, then the choice incurs a relative loss, and it is up to the CEO to recognize this as a cost. In reality, whether I am aware of the opportunity cost or not, it still impacts my current financial situation. However, to calculate profit or loss as an opportunity cost, there must be a future opportunity to forgo the current choice and select an alternative. No one should keep repeating the cycle of giving up and choosing without knowing whether the next decision will be beneficial or not. Giving up is worthwhile only when the next option is good. - Joseph’s “just my thoughts”
Problem-solving attitudes are largely divided into “problem-oriented coping” and “emotional-focused coping.” In a bad situation, wise risk management is “problem-oriented coping.” We want to exclude emotions as much as possible to define the problem and properly prioritize our behavior. Leaders manage people and issues well, not dictatorships or charisma. Emotions make the leader's charisma stand out, but the organization suffers tremendously from the emotional storm. - Joseph’s “just my thoughts”