Tips for small business: 7 biases that can effect your decision making
crowdSPRING Blog
OCTOBER 18, 2010
In economic valuation, past cost can never be a factor for arriving at a value, and formulas such as NPV (net present value) will never take into account money which has already been spent. Past costs, whether an investment of time or money, should never be used in evaluating a decision. A great illustration of sunk cost?
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