Balance Time and Costs, Essay Example

Every project imaginable has a specific balance of time and cost. The issue is finding a balance between the two that makes the company, employee, and customer happy. Businessman Jeff Viehmeyer has come up with a system, good, better, best, that seems to strict a balance for time and cost. This system relies on both creative/critical thinking and proper communication. The first step to finding a balance between time and cost is to ask the customer what it is they desire. This first step of customer consultation will save both time and money in the long run: time providing quality service and produce, and the cost in making sure the first item the customer gets is the correct item. This includes making sure the product is durable, and long-lasting.

The key in this balance is the trio factor: company, employee, customer. By not spending a lot of man hours on a project, but making sure that the project adheres to what the customer wants ensures that the company isn’t spending a lot of money on unnecessary man hours on a product that’s already good enough for the customer. Thus, a balance is struck. Some companies go above and beyond what a customer wants, and while this can be good for the company’s reputation, it’s an unnecessary expenditure of the company’s time and money. Thus, figuring out what’s the least amount of work, for the quality the company and customer want to achieve, should be done at the beginning of any endeavor.

Question: Is it better for a company to try and save time, or is it better for a company to try and save cost?

References

Tomquist, S. (2011). Techniques for balancing quality, cost, and time. Marine Fabricator. Retrieved from http://marinefabricatormag.com/articles/0111_f2_quality_control.html