An opportunity loss is the difference between what the decision maker's profit for an act (alternative)is and what the profit could have been had the best decision been made.

Question

Quizplus · Accepted Answer

This statement accurately describes opportunity loss. Opportunity loss represents the potential benefit that could have been realized if a different decision had been made. It is the difference between the profit earned from the chosen alternative and the profit that could have been earned from the next best alternative.

An Opportunity Loss Is the Difference Between What the Decision