In Practice, the Cost Minimization Strategy Can Be More Expensive

question 123

Multiple Choice

In practice, the cost minimization strategy can be more expensive than the opportunity maximization strategy. Which of the following is a way in which the cost minimization strategy is less expensive than the opportunity minimization strategy?

• A) The loss of unexpected opportunities
• B) The cost of extensive monitoring mechanisms
• C) The costs of writing detailed contracts
• D) The prevention of opportunistic behavior by the partner(s)

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Definitions:

Termination

The end or conclusion of a process, activity, or condition.

Commitment (Self-liberation)

The process of making a firm personal decision to change, often referring to freeing oneself from bad habits or situations.

Behavior Change

A modification of human behavior, often achieved through systematic approaches or interventions aimed at improving health or wellbeing.

Transtheoretical Model

A model outlining stages of change for adopting health behaviors, ranging from precontemplation to maintenance.