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In economics a trade-off is expressed in terms of the opportunity cost of a particular choice, which is the loss of the most preferred alternative given up. [2] A tradeoff, then, involves a sacrifice that must be made to obtain a certain product, service, or experience, rather than others that could be made or obtained using the same required resources.
The simplest version of the model compares a situation where initially the market is competitive to a situation where the post-merger market is not. However, if initially price exceeds marginal cost (i.e. the market is not competitive), further increases in price have a "first order" effect on consumer surplus (graphically, they are trapezoids ...
The term, Tradespace, is a combination of the words "trade-off" and "playspace", where "trade-off" indicates the method of traversing the Tradespace in search of the optimal boundary space (e.g., trading off a cost in one cost center (variant A) for a cost in another cost center (variant B)).
These steps are separated into two phases: Phase 1 consists of steps 1-6 and after this phase, the state and context of the project, the driving architectural requirements and the state of the architectural documentation are known. Phase 2 consists of steps 7-9 and finishes the evaluation [3]
In fact the scope can be a function of cost, time and performance, requiring a trade off among the factors. In practice, however, trading between constraints is not always possible. For example, throwing money (and people) at a fully staffed project can slow it down. [5]
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A trade study or trade-off study, also known as a figure of merit analysis or a factor of merit analysis, is the activity of a multidisciplinary team to identify the most balanced technical solutions among a set of proposed viable solutions (FAA 2006). These viable solutions are judged by their satisfaction of a series of measures or cost ...
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