Assessing opportunity cost involves examining all of the potential benefits that could be gained from taking a certain action, and then estimating the most valuable outcome. This is important for businesses so they can make the best decisions when it comes to their resources and investments. It can also help in making predictions about the future and evaluating risks. By assessing opportunity costs, companies can accurately assess the potential profitability of a certain course of action. This can help inform decisions about investment, resource allocation, and more.