What is the Definition of Value? | Know Your Parts
29 Oct 2013 · 1 min
1:03
A part's value isn't its price. It's quality divided by time: how well it performs and fits, and how long it lasts. Quality matters more than what you pay.
A part's value isn't its price. It's quality divided by time: how well it performs and fits, and how long it lasts. Quality matters more than what you pay.
What is your definition of value? Now, I don't want to hear some crazy outside-the-box theory, because for our purposes, it's what's inside that counts. A popular theory is that value is determined solely by price. I would like to challenge that theory. Let's take a look at the variables involved. For a part to be valuable, it has to perform well and fit correctly, or in other words, it has to be a quality part, which we will call Another variable is durability, since a part is not very valuable if it doesn't last. Durability here is represented in terms of time, or T. Every part has its own specific purpose or function, which we will call F. So clearly, value is the function of quality over time. It's not rocket science. Quality matters.
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