What do u mean by trade off?
A trade-off (or tradeoff) is a situational decision that involves diminishing or losing one quality, quantity or property of a set or design in return for gains in other aspects. In simple terms, a tradeoff is where one thing increases and another must decrease.
What is an example of a trade off?
Trade-off definitions. … The definition of trade off is an exchange where you give up one thing in order to get something else that you also desire. An example of a trade off is when you have to put up with a half hour commute in order to make more money.
How do you use the word trade off?
Jack had to make a trade-off between getting a good night’s sleep and staying up late to finish his research project. Do you understand the inevitable trade-off between growth and equity?
What is the importance of trade off?
In economics, the term trade-off is often expressed as opportunity cost. A trade-off involves a sacrifice that must be made to obtain a desired product or experience. Understanding the trade-off for every decision you make helps ensure that you are using your resources (whether it’s time, money or energy) wisely.27 мая 2015 г.
What is another word for trade off?
balance, set-off, disadvantage, contradiction, arbitrage, equilibrium, Equilibria, arbitrate, refereeing, ‘arbitrage, quandary, accommodation, trade, counterparty, agreement, setoff, trading, give-and-take, equalisation, conundrum, counterbalance, bargain, drawback, swap, adjudicative.
What is a trade off give at least one example?
A trade-off is an exchange in which one benefit is given up in order to obtain another. Example: a material may be used to build a house because it is attractive to customers even though it is not as durable.
What are three examples of important trade offs that you face in your life?
Give three examples of important trade-offs that you face in your…
- Trade-off between studying one subject over studying another subject.
- Spending 15 dollars to buy a pizza or to buy a study guide.
- Buying a car leads to a trade-off between the cost of the car and the cost of other things one might want to buy.
What is the difference between an opportunity cost and a trade off?
Each choice made means another alternative has been forgone. A trade-off is isolating what that forgone alternative is, and opportunity cost involves calculating the cost of the trade-off.23 мая 2019 г.
Why does every decision involve trade offs?
Every decision involves trade-offs because there are always alternatives that we give up whenever we choose one thing over another. … The most desirable alternative given up as the result of a decision is opportunity cost.
Why are trade offs unavoidable?
Reduce prices and create jobs. This is the ideal economic outcome expected from all businesses today, not only in the long run, but also in the short term. Generally, lower prices allow more consumers to consume goods or services.
Why does scarcity cause trade offs?
Since consumers’ resources such as time, attention, and money are limited, they must choose how to best allocate them by making tradeoffs. The concept of trade-offs due to scarcity is formalized by the concept of opportunity cost. The opportunity cost of a choice is the value of the best alternative forgone.
What is trade off in project management?
Project managers use trade offs to provide decision-makers with data on the impact of a change on scope, time, cost, quality and risks. Then the sponsor understands the full impact whenever they have a variance or a change request. Trade offs maintain the project’s feasibility. Project Manager Skills Main Page.
Why is it important to evaluate trade offs and opportunity costs?
Why is it important to evaluate trade-offs and opportunity costs when making choices? Evaluating trade-offs- or alternative choices-and opportunity costs-or the next best alternative use of money, time, or resources-help one make a good decision. Explain how productivity relates to market growth.