What is the difference between "Past cost" & "Sunk cost" ?
Which is most likely to be "Irrelevant cost" in decision making?

Question

Utilisateur supprimé · Answer

The major difference is that Sunk Costs are100% loss, means there shall be no recovery.

Why you are saying that these are not relevant, indirectly these are relevant for further planning

rene salimbot · Answer

sunk cork is nearly salvage cost

Mohammed Mohammed · Answer

I think both costs are one and the same. In decision making sunk costs are irrelevant.

LABIB KOOLI · Answer

A past cost is an out of use price so it is an irrelevant cost

The amount paid to purchase something is a sunk cost