Outline the Five Main Elements of the Multiple Intervention Program

question 28

Essay

Outline the five main elements of the Multiple Intervention Program (MIP) framework

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Definitions:

Sunk Cost

A cost that has already been incurred and cannot be recovered. It should not impact future business decisions because it cannot be changed.

Depreciation

The reduction in the value of an asset over time, particularly regarding tangible assets like machinery and vehicles.

Outsourcing

The business practice of hiring a party outside a company to perform services or create goods that traditionally were performed in-house by the company's own employees.

Opportunity Cost

represents the value of the best alternative foregone as a result of making a particular choice.