Gold in the mine
Encyclopedia
Gold in the mine is a metaphor for the potential savings in quality improvement efforts. It is essentially a restatement of the Pareto principle
in the context of quality costs
; a little digging in the right place can produce great savings, though investigating every possible opportunity is not economically feasible.
Pareto principle
The Pareto principle states that, for many events, roughly 80% of the effects come from 20% of the causes.Business-management consultant Joseph M...
in the context of quality costs
Quality costs
The concept of quality costs is a means to quantify the total cost of quality-related efforts and deficiencies. It was first described by Armand V. Feigenbaum in a 1956 Harvard Business Review article....
; a little digging in the right place can produce great savings, though investigating every possible opportunity is not economically feasible.