Good, fast & cheap?
JULY 7, 2023
Achieving all three qualities simultaneously can be challenging: good, fast, and cheap. This concept is often referred to as the "project management triangle" or
"iron triangle," which states that you can only have two out of the three attributes.
If you want something done quickly and at a low cost, it might be challenging to achieve the desired quality. On the other hand, if you prioritize high quality and a fast turnaround time, it's likely to come at a higher cost. Similarly, it may take longer to complete if you seek a low-cost option with high quality.
It's important to prioritize what matters most to you in a particular situation, as different projects and circumstances can vary. By understanding the trade-offs involved, you can make informed decisions based on your priorities and available resources.
In the context of photography or video production, the same principles of the project management triangle generally apply. However, there can be some flexibility depending on the specific requirements and constraints of the project.
Here's a breakdown of how the triangle may apply to photo/video production:
1. Good Quality: If you prioritize high-quality video/photo production, it often involves skilled professionals, advanced equipment, meticulous editing, and attention to detail. This can contribute to a higher cost and possibly a longer production timeline.
2. Fast Turnaround: If you require a video (or photo shooting) to be produced quickly, it may necessitate dedicated resources, a streamlined production process, and potentially working under tight deadlines. This can increase the cost, as it may require additional resources or overtime to expedite production.
3. Cost-Efficiency: If your primary concern is keeping costs low, it might involve simplifying the production process, utilizing fewer resources, and potentially compromising on certain elements, such as equipment or the complexity of visual effects. However, this can impact the overall quality and potentially extend the timeline if fewer resources are available.
Ultimately, achieving the right balance between quality, speed, and cost in video production requires careful planning, communication with the production team, and a realistic understanding of what can be achieved within the given constraints.