Cost Control in Logging and Road Construction
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Cost is of vital importance to all industry. Costs can be divided into two general classes; absolute costs and relative costs. Absolute cost measures the loss in value of assets. Relative cost measures the unfavorable side of any decision that is made. Relative cost always involves a comparison between the chosen course of action and the course of action that was rejected. This cost of the alternative action--the action not taken--is often called the "opportunity cost".