Total Valuation and Opportunity Costs

Answer the question given below, making sure you address all parts of the prompt.

Valuation is a process that encompasses economic costs and benefits on both an explicit and implicit basis. In other words, costs and benefits can be expressed as actual cash receipts (and disbursements) AND opportunity costs, which reflect the highest valued alternative forsaken to pursue a given decision. Explain how you would go about factoring or estimating those "implicit" or opportunity cost issues in your analysis. Include either a real world or hypothetical example to support your approach.

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