Long-Term Projects vs. Short-Term Projects: The Opportunity Cost of Writing a Dissertation

The opportunity cost of a choice or action is the cost of not having the time resources for other mutually-exclusive choices or actions. For several years, I have been procrastinating by not working on my doctoral dissertation. My weekends were precious commodities reserved for unwinding and indulging in my hobby or interest of the week. The opportunity cost of this relaxing, enjoyable way to spend a weekend was not having the time, energy, or desire to work on my dissertation. But because my dissertation has the potential for greater rewards than the smaller, more mundane activities, I was not making good use of my time in terms of the opportunity cost associated with not working on my dissertation.

In recent weeks I have had a change of heart and attitude about my dissertation. I have decided to use the concept of opportunity cost to put my dissertation in its proper perspective. The opportunity cost of hedonistic weekends is getting behind on my dissertation, so much so that my funding and enrollment were put into jeopardy. In this case, the benefits I received from not working on my dissertation clearly did not outweigh the opportunity cost of procrastination.

Therefore, I have decided to dedicate one or more weekend days to working steadily on my dissertation to make real progress toward completion of my degree. Of course, there is an opportunity cost to working on the dissertation more regularly. For example, I will not be spending as much money out on the town, I may not be able to watch as much Star Trek as I would like (This sounds small, but it is serious opportunity cost for me!), I must set aside several hobbies for which I care deeply (for example, amateur radio and model railroading, and so on), and I may not be able to see friends or family as much as I would like to see them.

However, despite the opportunity cost of working on my dissertation, the benefits clearly seem to outweigh the costs. I will have renewed peace of mind that I am working as steadily and hard on the dissertation as I am able given my commitment to my employer, I am working toward completing a major project that has potential to positively impact my career options and earning potential, and I am regaining the respect of my graduate school advisors who have been more than patient with my ten-year grad school plan. Working on my dissertation again has allowed me to say sincerely that I am working to the best of my ability in every single area of my professional and academic life.

There is a clear lesson from this brief look at the opportunity cost of working or not working on your thesis or dissertation. In general, it is usually better to set aside smaller, short-term projects for the sake of completing a larger, longer-term project. This is because the benefits of completing the larger project often outweigh the opportunity cost of not completing the larger project. If you complete the larger project, then you have lost only the small returns that you get from the smaller projects and endeavors. But if you decide to pursue the smaller projects instead of the larger project, then you run the risk of losing out on the potential for great rewards that can come from completing a single, sustained project.

So if you are reading this and you are putting off following through on a long-term project with potentially great rewards, get off your butt, set aside all the little, unimportant tasks sucking up your time, and focus your efforts on the projects with the greatest possible rewards. Get in the habit of considering the opportunity cost of the various activities you engage in, and the choices you make. Weighing opportunity costs can be an effective way to maximize your potential rewards and achieve your fullest potential.