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There were qualitative and quantitative factors involved in a decision
that I had to make a couple years back when deciding to go back to
school. I was working two jobs at the time and had to continue working
both or leave my second job to be able to free up time to complete my
degree. It was a tough decision but I created a stricter budget and
sacrificed a little more so I can finish my education. I needed to free up
my time physically so I was able to complete my studies each week and
knew that working 60 plus hours a week would make that difficult for
me. I used the decision method when I weighed out the pros and cons
of going back to school. I thought of the long-term benefits in
comparison to the short term sacrifices I would be making and
concluded that I was not really losing out on much aside from a
vacation or two each year. I was still able to maintain my lifestyle but
without the extra “fun spending money from my second income. I
reviewed my options for going back to school and found that going
online full time is ideal for my schedule. I would be able to make my
own hours and study at my pace which is exactly what would work for
me. I reviewed the past year’s budget and found we spent a lot of
money eating out so now I also cook at home frequently and save a lot
in that department. Over the past two years since I have been going to
school, I found after evaluating my one income budget that I was never
really sacrificing much but just trading in my opportunity costs for a
potentially better long term opportunity.
Datar, S. M., Rajan. M.V. (2018)
Horngren’s Cost Accounting: A
Managerial Emphasis, Global Edition. Pearson Education Limited
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