The 1:10:100 rule is a principle that suggests it is more cost-effective to invest in preventative measures to avoid problems rather than waiting until problems occur and trying to fix them later. The rule states that for every $1 spent on prevention, $10 can be saved on corrective measures, and $100 can be saved on the consequences of a problem occurring.
The idea behind the 1:10:100 rule is that it is generally more cost-effective to invest in preventative measures upfront rather than waiting for problems to occur and trying to fix them later. For example, if a company invested $1 in preventative maintenance for a piece of equipment, it might save $10 in repair costs that would be needed if the equipment broke down. Similarly, if a company invested $1 in safety training for its employees, it might save $100 in lost productivity, legal fees, and other costs associated with an accident.
The 1:10:100 rule can be applied in various contexts, including business, engineering, and public policy. It is often used as a way to justify investments in preventative measures and to encourage proactive problem-solving.
4M Analysis Process
The purpose of this procedure is to define the steps to do a 4M …
