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What is meant by a sunk cost? Give examples of typical sunk costs for an IT...

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General Management

What is meant by a sunk cost? Give examples of typical sunkcosts for an IT project as well as examples from your personallife. Why is it difficult for people to ignore them when theyshould?

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Sunk costs are also called past cost or dead cost This is the cost that has already been expended and we cannot recover these costs While making a business decision sunk costs are not considered as sunk cost remains the same irrespective of the decision Sunk costs for an IT project A large hospital wished to implement a secure mobile checkin application Time and money were spent in laying out the scope of the    See Answer
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