You are trying to decide whether to take a vacation. Most of the costs of the...

You are trying to decide whether to take a vacation. Most of the costs of the vacation (airfare, hotel, and forgone wages) are measured in dollars, but the benefits of the vacation are psychological. How can you compare the benefits to the costs? Compare the airfare and hotel costs of the vacation to the foregone wages. Determine the benefits of what you give up by going on the vacation, and compare them to the benefits of going on the vacation. Get a degree in psychology.

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Expert Solution

A vacation gives the benefits such as rejuvenation of the body and mind, relaxation, spending time with the family and strengthening of the family bond and getting motivation and becoming ready for the next challenges. These benefits can be quantified in terms of increased level of incentives due to superior performance at work and it was only possible due to the rejuvenation during the vacation time. So, the additional benefits drawn in post vacation time are the result of spending time on vacation. Not taking vacation, could increase the burnout level and performance level may nosedive. Hence, these benefits can be compared with the cost incurred during the vacation. It will help a person to take the decision regarding the vacation and its related expenses.
Airfare and hotel cost are explicit in nature, whereas salary foregone is implicit in nature. It can happen that the vacation leave is paid in nature, then salary will not be foregone. So, the total cost of the vacation can only be calculated when we consider the explicit as well as implicit cost. Here, the benefits as mentioned above are considered and compared with the cost. If benefits are higher than the cost, then vacation should take place. Besides, the vacation improves the quality of life and it is the most important criteria to measure the well-being of the individuals.
By going on vacation, individuals give-up salaries, holiday leaves and a small part of their savings that could fetch them benefits such as buying goods such as food & apparel, going for the entertainment after work, making investments to secure the future. Though, the benefits by going to the vacation are rejuvenation of body, enhancing the quality of life by spending time with the family, family bonding and getting relaxed without all the stress. So, each decision has its own benefits, but it should be an optimum blend of different benefits that give longevity and quality of life to the individuals.

Rahul Sunny answered 1 year ago

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