From the course: Success Habits

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Set the right level of quality

Set the right level of quality

From the course: Success Habits

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Set the right level of quality

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- There's an interesting theory called the cost of quality. And without going into too much detail here, the thing to know is that the cost of quality is U-shaped so it gets very expensive as you head towards a quality of nine or 10 out of 10 because it's hard to achieve perfection. But to have really poor quality is also actually quite expensive too. The failure cost, the cost of doing things twice and dealing with complaints and returns is high and worse than that, it's often not measured, so we don't realize it. So if you look at this diagram, you can see that clearly we don't want to be below five, where our quality and low and our costs are quite high. You could do a better job for the same cost if you were in the top half of quality. So you'd be mad to be in the bottom half. Never think that it's a good idea to do a really cheap job, you'll never be successful doing that. A more difficult question is where to be on the right-hand side. And what I want to say is, don't aim for…

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