Efficiency: Getting things done right.
Effectiveness: Getting the right things done.
Capital intensive: Requiring lots of money to accomplish.
Labor intensive: Requiring lots of work to accomplish.
Quality: Not what you put into a thing; what somebody else gets out of it.
Emergency: A time to break the rules, as when you speed to get somebody to the hospital before he dies.
Sunk cost: Money or effort spent. It is to be ignored so that you don’t risk sending good money after bad. Instead focus on opportunity cost.
Opportunity cost: The next best thing you could have done with your time or money. That which you gave up by choosing what you chose.
Marginal analysis: How a small change in one thing can have a large effect in another, as when the difference between winning and losing is only a 0.001 seconds and the difference in payout is $100,000.
Intelligence: Learning from your mistakes.
Wisdom: Learning from the mistakes of others.
Tad Waddington says he achieved literacy while getting his MA from the University of Chicago’s Divinity School where he focused on the history of Chinese religions. He achieved numeracy while getting his PhD from the University of Chicago in measurement, evaluation and statistical analysis. He achieved efficacy as Director of Performance Measurement for Accenture. He is currently seeking to achieve a legacy with such books as Return on Learning and Lasting Contribution. To find out more, go to www.lastingcontribution.com.