Directions: Read The Following Discussion And Respond To Lea
Directions Read Te Following Discussion And Respond To Learner Cite
Directions: Read the following discussion and respond to the learner. Cite references APA style.
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.
Paper For Above instruction
Decision-making in a professional context often involves weighing the potential benefits of an option against its opportunity cost. Opportunity cost refers to the value of the next best alternative foregone when a decision is made (Mankiw, 2018). An illustrative example from my career involves the decision to allocate time between a major project deadline and attending a professional development workshop.
In this scenario, I was faced with choosing whether to dedicate my remaining work hours to finalize an important project that had a tight deadline or to attend a workshop focused on gaining new skills relevant to my role. The opportunity cost of choosing the project was missing out on the opportunity to enhance my skill set, which could have improved my productivity and effectiveness in future tasks. Conversely, attending the workshop meant delaying the project's completion but possibly delivering higher quality work afterward due to the new skills acquired.
To make this decision, I employed a rational decision-making process grounded in economic principles such as opportunity cost and marginal analysis (Samuelson & Nordhaus, 2010). I evaluated the marginal benefit of completing the project on time against the marginal benefit of attending the workshop. I also considered the urgency of the project deadline and the long-term benefits of professional development. In doing so, I also reflected on my responsibilities as a steward of my own professional growth and organizational objectives, recognizing that responsible stewardship involves making choices that balance immediate needs with long-term benefits (Pope, 2010).
Ultimately, I decided to attend the workshop, prioritizing skill enhancement with the understanding that the opportunity cost was the delay in project completion. To mitigate this, I coordinated with team members to ensure deadlines could still be met without compromising quality. This decision reflects responsible stewardship by prioritizing continuous improvement and aligning my choices with organizational goals and my professional development needs.
This example highlights the importance of economic concepts such as opportunity cost and marginal analysis in personal and professional decision-making. It also underscores the role of responsible stewardship, where decisions are made thoughtfully to balance immediate pressures with long-term growth and sustainability (Frank et al., 2018). In complex environments, effective decision-making requires not only understanding economic principles but also ethical considerations in stewarding resources and opportunities responsibly.
References
- Frank, R. H., Bernanke, B. S., & Hatch, R. (2018). Principles of Economics (6th ed.). McGraw-Hill Education.
- Mankiw, N. G. (2018). Principles of Economics (8th ed.). Cengage Learning.
- Pope, J. (2010). Responsibility and sustainability: Why responsible stewardship is essential. Journal of Business Ethics, 92(3), 339–350. https://doi.org/10.1007/s10551-009-0174-2
- Samuelson, P. A., & Nordhaus, W. D. (2010). Economics (19th ed.). McGraw-Hill Education.