Investors' main aim - finding value to invest.
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Note: Raise any currency by increasing its value.
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When ~ expanding economies, businesses, or organizations
it is imperative that you increase value!
Consider using the added value in Quality, Time, & Money.
Quality is valued! Time is valuable! Money is of value!
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The guidelines to create Great Value:
- Quality scope, time, and money form what is known as the Iron Triangle, or the Triangle of Balance, or the Triple Constraints to create or influence value. These values manipulated multiply profit to businesses and economies which can improve the lives of many.
- There is always room for improvement, which will be ideal in the form of increased value in quality, time, or money.
- By the influence of increasing quality scope with on-time effectiveness; make money.
- Any sacrifice in quality pays more to time and money. A system that does not have sufficient quality scope, for instance, will punish itself by paying more time and money. With the examples of inferior made cement blocks or sub-standard gasoline, expect to pay more to time and money, as the quality scope was not adequate.
- Compromise on quality by giving inadequate time to a product or service, and the competition beats you. Loose money.
- By spending too much time on quality; you can run up the cost, as money outlay increases. However, you can widen outputs in an economy of the greater quality scope by using less time and money; to win bigger markets.
- An effective automated facility that produces high-quality, turns over greater profit (in money), in less time.
- Implementing higher quality is cheaper than maintaining the poor quality, which is expensive to the bottom line.
- Steve Jobs said, "the result of long-term relationships is better and better quality and lower and lower costs."
- Dr. W. Edwards Deming said, "quality improvements, reduce costs, increase productivity, reduce prices, win markets; jobs, and more jobs, stay in business, improve (ROI) return on investments."
- Always introduce greater quality scope in the early stages of a project, when it is relatively inexpensive to do so - compared to the end of a project when time and money adjustments become more costly.
- Managers who decide to cut time to save money (in many cases) sacrifice the necessary quality scope.
- As an example - car floor mats can cost you if not manufactured to the correct quality specifications. In 2010, the manufacturer Toyota recalled 9 million vehicles worldwide alleged to have driver's side out-of-place floor mat intrusion and unintended acceleration at an estimated cost to Toyota - a whopping $2 billion dollars - this gobbled up Toyota profits made from the previous year.
- Dr. W. Edwards Deming, the quality guru, has pointed out that managers often manage outcomes, rather than understanding and eliminating "the defects" that caused bad outcomes.
- Time has an equation to be utilized to maximize benefit: Distance (to go) or distance (in progress) = Rate X Time.
- We all set out on a new day with equal time. What we do with your time is what counts. Count your money or make your money count, by crediting time usage of greater significance.
- Time marches on with or without us. Time is a valuable resource to invest in and spend it wisely. Peter Drucker said, "time is the scarcest resource, and unless it is managed nothing else can be managed." Peter Drucker also mentioned, "make sure you know where the time goes."
- Time can be wasted by having poor procedures; burning daylight, fiddling around, goofing off, passing time, piddling, lingering, delaying, procrastinating, taking one's time; idling away time describes a few ways to kill working time. Or, just doing the same inefficient and ineffective things, day in and day out, year in and year out for decades expecting different results.
- Wasted time & money can always be used elsewhere to make a world of difference. The difference affects your quality of life!
- Waste money - lose money, but waste your time, & you’ve lost what is never retrievable.
- Wealth is never destroyed (it does not vanish); it is transferred. Wealth can be wasted by transferring it to someone else. Your true wealth is your time & freedom. Money is used to trade your time. Money can also be used for a measurable gain to quality of life.
- Where economic waste is produced, there is squandered quality, time, and money.
- Despite what people think, time cannot be saved. You cannot save time for another day. We can only be more effective with our time. At the end of a project; time & budgeted money is spent; we leave behind some intrinsic quality attained.
- A slow rate in production time is due to Down Time, Changeover Time, Small Stops, Slow Cycles. These organized into labor means there will be 'constraints' in making money. The quality scale & scope was redirected or just not directed at all.
- Late (in-time) to market, budgeted money for quality becomes unacceptable to the wise money investor.
- You can make more money & quality, but not more time.
- Early to market (or on-time) meeting or exceeding international quality specifications (ISO); save money; make money.
- The Pareto Principle or 80/20 rule states that 80% of the problems are the result of only 20% of cases. We should also focus on the vital 20% that will reduce 80% of our problems first. Strategically focus on the vital few for gains in quality scope, time & money.
- Beware! Parkinson's Law warns us: Work expands to fill the time available for it. This is especially true when we have no real value for time.
- People don't have enough time to do it right in the first place, but always have more time to work on the same problem, over and over again. Why is that?
- Borrow too much money that you can't afford; struggle with time to pay this back, and so, cope with lesser affordable quality things for a long time.
- Price too high; lose invested quality, time, and money.
- Maximum-efficiency, maximum effectiveness with the minimum-effort buys (with money) quicker time and higher quality.
- Under-rated is a stringent Quality Control Program, which is managed information that can be oriented to control shortfalls or losses, be it fraud, abuse, delays, defects, and or errors (factors that can create much systemic waste). Any process that can be measured can be adjusted using Quality Control. Manage (it) or (it) manages you.
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| What is the meaning of Quality? |
- Advance to where there is 'prime value' utilizes the science behind Total Quality Management (TQM).
- The rewards of Total Quality = Total Value! 100% Satisfaction! More profits! More jobs! A greater economy!
- "Simultaneously and continuously" implement Quality Control in all sectors of your economy to benefit from the rewards of Total Quality.
- A craftsman will be only as good as the tools he uses. Use Total Quality Management (TQM) tools to rapidly outpace all poor quality places.
- If Quality Scale and Scope, Time, and Money projections were all met, your project goals were achieved.
- If you're strapped for cash (and your money or currency is static), and, there is an urgency for improvements; time effectiveness and the quality scope can be adjusted to (dynamically) change any country, organization, or business.
© It's time... Jamaica!
BE GREAT | Quickly attain an economy of Greater Value.
BE GREAT | Quickly attain an economy of Greater Value.
Revised: 7/4/2017.
