When you notice an engine warning light in your car, most quickly calculate that “doing nothing” would be a costly option. And if you’re not familiar with the term, the “cost of doing nothing” is the costs that occur because needed actions are never taken or are unnecessarily delayed. For example, if your facility had a leaking pipe and fixing it was postponed until it burst and flooded an entire floor, the repair costs that result from “doing nothing” might go up exponentially from under $1,000 to hundreds of thousands of dollars.
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