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Steam Locomotives versus Diesels
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In order to measure whether a sound business decision was made, you also need to know what ALL the assumptions actually were and if they were realistic and achievable at the time the decision was made. Brown's study goes into one scenario, but there may be others. Was management expecting higher traffic levels? More favorable rates from the regulators? More labor savings than they got? Faster schedules resulting in quicker car turnaround and utilization? Any one of these could have made up for the financing costs. Organizations also do things for reasons other than ROI. Consider competitive advantage/disadvantage and its effect on market share. That so many organizations made the same decision suggests something more like d. all of the above. <br /> <br />Drawing another modern day comparison. Was it a bad business decision in the context of the 80s to invest in western oil shale projects? It would seem so viewed from the 90s, but those who hung on and were villified during the 90s are heros now.
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