Operations Management: Write a Short essay on -Incremental analysis Define the term “opportunity cost.” How may this cost be relevant in a make-or-buy decision?

 -Short essays 2 to 3 paragraphs to answer each question (One page each question)
1.Short essay-Incremental analysis Define the term “opportunity cost.” How may this cost be relevant in a make-or-buy decision?
2. Short essay- Budgetary planning  (a) What is a budget?  (b) How does a budget contribute to good management?