Monday, August 27, 2007

Time, Cost, and Quality - Pick any two

Building a product and nurturing a plant have lots of similarities. You need to invest sufficient time and resources (i.e., money) to get quality in the output. Time is indeed money. When you spend a lot of time on the project, the cost of the project goes off the roof. Though you might have built a high quality product, the product won't be appealing enough - because it will be COSTLY. On the contrary, if you rush to deliver something in a short time, compromising on the quality, the product still won't be appealing enough - because it is BUGGY. So, you need to strike a balance between these 3 factors - Time, Cost and Quality. Most of the times, you may have no choice but to select 2 of the three. You would have to compromise on Time or Cost or Quality. Based on my experience, companies often try to compromise on Quality as it is not very visible when the customer begins to evaluate a product/solution. However, it doesn't take you very long. Customer will soon figure out that the product is BUGGY and it will come back to haunt you. Successful companies have learned to strike a balance between these 3 factors. So, if you want to be successful, you should be too.

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