We've all been in situations where we wonder if we should replace, upgrade, or completely change direction. For example, you may have an aging vehicle. You've invested a lot in repairs, but is it worth it to keep doing so? Is it worth it to buy a new vehicle? Or do you investigate other options like ride sharing, taking the train, or riding a bicycle? After viewing the videos in the Module 4: Lecture Materials -- Key Concepts in Managerial Accounting, reflect on such a decision in your own life and answer the following: 1. What did you need to make a decision about? 2. How did the concept of sunk cost and/or opportunity cost play into your decision-making process?