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Glebson Security, a security services agency in North Carolina, adds another process to its traditional interview round to make its selection procedure more stringent. In this new process, shortlisted candidates are individually sent into a room in which a trained clinician shows them an ambiguous inkblot as a stimulus and asks them what they see in it. This process helps the firm measure the personality traits of prospective employees. In this scenario, Glebson Security is using _____.
Opportunity Cost
The value of the best alternative that is foregone by choosing a particular action or decision, important in evaluating the cost of choices.
Alternative
An option among a set of choices in decision-making scenarios.
Total Costs
The sum of all expenses incurred by a business in producing goods or services, including fixed and variable costs.
Prime Cost
Direct materials cost plus direct labor cost.
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