What does tradeoff mean?
Definition of trade-off 1 : a balancing of factors all of which are not attainable at the same time the education versus experience trade-off which governs personnel practices— H. S. White. 2 : a giving up of one thing in return for another : exchange. Other Words from trade-off Synonyms Learn More About trade-off.
What is a trade-off in government?
(a) A tradeoff process is appropriate when it may be in the best interest of the Government to consider award to other than the lowest priced offeror or other than the highest technically rated offeror.
Is trade-offs one word?
It is a noun form of the verb phrase trade off, which means to exchange one thing for another, usually as a compromise. A trade-off is often performed to create a compromise.
What is trade-off in economic?
The term “trade-off” is employed in economics to refer to the fact that budgeting inevitably involves sacrificing some of X to get more of Y. With a fixed amount of savings, one can buy a car or take an expensive vacation, but not both. The car can be “traded off” for the vacation or vice versa.
What is the difference between opportunity cost and trade-offs?
Trade-off implies the exchange of one thing to get the another. Opportunity cost implies the value of choice foregone, to get something else.
What is a trade-off economics?
What are trade-off issues?
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.
What is the difference between trade-offs and opportunity?
Comparison Chart Trade-off implies the exchange of one thing to get the another. Opportunity cost implies the value of choice foregone, to get something else.
What are trade-off decisions?
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.
Which is correct tradeoff or trade-off?
It should, if you wish to spell it in a standard way. There is also the option of “tradeoff”, which is accepted by a number of US English dictionaries, but not British ones, I don’t think. “Trade-off” is your safest bet.
What is the trade-off of project?
Traditionally, the concept of „trade-off’ in Project Management tends to refer specifically to problems which demand finding a balance between the project‟s „time and cost’. Such challenges have been said to be the origin of the Critical Path Method (CPM) developed in 1950s (Pollack-Johnson and Liberatore, 2006).
What is a trade-off in economics?
Why is trade-off important in economics?
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.
Why do trade-offs exist?
The necessity of making trade-offs alters how we feel about the decisions we face; more important, it affects the level of satisfaction we experience from the decisions we ultimately make.
What is a trade-off vs opportunity cost?
https://www.youtube.com/watch?v=m-G_7kcwr8I