Universities must adapt to the changing education paradigm to produce graduates who are competitive at the national and international levels. Indonesia is committed to the Sustainable Development Goals (SDGs), particularly the pillar of “Quality Education.” The implementation of a Learning Management System (LMS) is one of the efforts to improve access, quality, and equity of education in Indonesia, especially with the ability to overcome geographical and infrastructure barriers. However, the development and implementation of an LMS in higher education requires significant investment. Therefore, a comprehensive feasibility analysis is required to ensure this investment provides optimal value. This analysis should cover various aspects, including financial, technical, operational, and strategic, and consider potential risks and opportunities associated with the implementation of adaptive technologies. This research analyzes opportunity cost in the context of LMS development in higher education, taking into account non-financial aspects. The concept of opportunity cost, which is relative and subjective, is key to assessing the feasibility of investment in an educational environment that does not always focus on profit. In addition, investment decisions should also consider the indirect benefits and strategic value that may be generated. With this approach, universities can make more informed and strategic investment decisions in educational technology development.