Rejection Cost. From the perspective that my profit is someone else’s loss, and someone else’s profit is my loss, the fact that I have to reject an opportunity to make money for my circumstances is a loss for me and an act of giving someone else a profit. In other words, my added value is not determined solely by productivity but also by the marginal utility generated by the law of supply and demand. Therefore, my labor price should reflect the value that I have given up—the profit I could have gained. If the rejection cost is not included in my profit, I will be at a loss to that extent. Failing to account for rejection costs in production expenses is not wise, but foolish, because it risks my survival. There is no absolute value in this world. All economic values are relative. - Joseph’s “just my thoughts”
Since 2008, the US CDC has published annual flu reports aimed at preventing the spread of influenza nationwide. Researchers took two weeks to compile data on each flu outbreak by calculating the number of cases and generating a report. Meanwhile, the flu had already spread across the country. Google addressed this issue by analyzing search query statistics. However, an error emerged in 2013 when the flu vaccine became scarce, prompting the media to publish numerous flu-related articles that further distorted the situation by conflating the search terms for flu patients. In other words, accurate data analysis depends on the ability to interpret quality, untainted data and its context. - Joseph’s “just my thoughts”