Saks Gloweli Business Tip: Good, Fast or Cheap – Pick Two
The geometry of a triangle is such that its sides are interdependent: One cannot alter one side without affecting the rest of the triangle. The Quality-Time-Cost-Triangle suggests that if one wants high quality work (side one) performed quickly (a second side) you will have to cede control of the third side and pay a higher price.
If one wants work done quickly at a low price then quality of thework is likely to be lower. If one wants high quality work done inexpensively, time will have to be sacrificed, because you will have to spend considerable time searching for lowest possible bidder and is likely to wait longer for the low bidder to perform the work at their pace and convenience.
Variations on the triangle include Quality-Price-Service (a given product sold at a lower price will likely be accompanied by poorer customer service) and a Quality-Time-Control (to get a high quality project completed quickly, one will have to yield control of most the decision making to the person doing the work.
By Sid Mewara, Managing Director, Saks Gloweli Consulting
Saks Gloweli Consulting is a management strategy consulting firm based out of Shenzhen and Hong Kong that helps clients grow their business www.saks-gloweli.com