Monthly Archives: March 2012

Fast, Good, Cheap: On Making Your Cost-Benefit Analysis

Fast, Good, Cheap. You’ve heard of the entrepreneurial trifecta, right? There are also other, prettier variations of this sign, like the ones here (for web developers) and here (for freelancers). Wikipedia’s explanation of the project triangle also has a colorful diagram (but not as funny). When you make plans and draw up time-line for your projects, what factors do you consider in your risk mathematics?

  • When the emphasis is on COST, the aim may be to max it out where you feel that you have to get more than what you’re paying for, if you get what I’m saying. A bargain. A steal, as it were. If you’re serious about success and building a network, for example, and want to establish relationships you intend to be long-term, starting with a steal may not be the best thing.
  • If the emphasis in on SPEED, how is your time-line? Congested? Open? Tangled?
  • With an emphasis on QUALITY, you enter into craftsmanship, painstaking attention to detail, precision engineering, no fudging, no cutting corners…you want the expected results.

What are you looking at, priority-wise? You want to save money, so you draw up a budget. You want to get the most out of the money you have earmarked and spend on quality. You want to get it done on time. What you want to happen decides what needs to be done. And how it’s done is affected by your priorities. Continue reading Fast, Good, Cheap: On Making Your Cost-Benefit Analysis