Cost, Quality & Time…A Tricky Balance

Be it a project or work activity or task, what is the best way to manage it’s three major input parameters!? Heard for the first time in six sigma, how these three parameters are crucial for service delivery. But the logic of connecting them together is always tricky. Looking at three different available options to balance,

  1. We want the best quality solution
  2. We want the cheapest solution
  3. We want it to be completed as on yesterday

Challenge is making all these demands meet but the way to go is, at the compromise of one of the three. Here are the possible end results one can arrive at,

  1. Get the best quality, cheapest solution with a compromise on delivery time
  2. Get the cheapest and fastest solution at the compromise of quality
  3. Get the best quality and fastest solution at an increased cost

A basic understanding of this principle help, the next time you talk to your boss about delivering the so called best quality, cheapest solution at lightning speed…which is inventing the perpetual motion machine.

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