Everyone working in a decision-making role has at least an intuitive understanding of the concept of opportunity costs-the value of the thing you didn’t choose. Simply stated, when you say ‘Yes’ to one thing, you simultaneously say ‘No’ to everything else you could have chosen instead. And those things to which you say ‘No’ have a value that you’re relinquishing. When I was a teenager, I heard an older gentleman quip, “When I said ‘I do’ to my wife, I was also saying ‘I don’t’ to all the other girls out there”. That man understood opportunity cost.

As the quality manger for a tier two automotive supplier, I recently had the opportunity to hire a quality supervisor following the retirement of a long-time member of our team. Our company’s human resource manager and I worked together through the entire selection process. Given the status of our region’s economy and the recent closure of several large factories, I wasn’t surprised when our mailbox started filling up with resumes in response to ads on the popular Internet job sites. The typical respondent was a mid-career professional with over 15 years of experience in manufacturing that had either been recently laid-off due or who wanted to move up in their career.