“System costs can be considered in many different ways. For example, the cost for making the system and the cost for operating it may be used as a basic for judging the total cost. The total cost may also be arrived at in another fashion, as, for example, the sum of the fixed cost, variable cost, past investment and other charges. Furthermore, in many cases where systems engineering is required several time phases are involved for which the cost factors may be significant, such as the study phase, the breadboard phase, the prototype phase, and the production phase.”

— Harold Chestnut

Source: Systems Engineering Tools, (1965), Systems Engineering Methods (1967), p. 13

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Harold Chestnut 27

American engineer 1917–2001

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“There are in the Exhibition some beautiful examples of such lace amongst the productions of other countries as well as of our own. They are made by the united labour of many women. The cost of a piece of lace will consist of:
# The remuneration to the artist who designs the pattern.
# The cost of the raw material.
# The cost of the labour of a large number of women working on it for many months.
Let us compare this with the cost of a piece of statuary, which is undoubtedly of a much higher class of art; it will consist of:
# The remuneration to the artist who makes the model.
# The cost of the raw material.
# The cost of labour, by assistants in cutting the block to the pattern of the model.
# Finishing the statue by the artist himself.
In lace making the skill of the artist is required only for the production of the first example. Every succeeding copy is made by mere labour: each copy may be considered as an individual, and will cost the same amount of time.
In sculpture the three first processes are quite analogous to those in lace-making. But the fourth process requires the taste and judgment of the artist. It is this which causes it to retain its rank amongst the fine arts, whilst lacemaking must still be classed amongst the industrial.”

Charles Babbage (1791–1871) mathematician, philosopher, inventor and mechanical engineer who originated the concept of a programmable c…

Source: The Exposition of 1851: Views Of The Industry, The Science, and the Government Of England, 1851, p. 49-50

“Things which cost nothing are those which cost the most. Why? Because they cost us the effort of understanding that they are free.”

Cesare Pavese (1908–1950) Italian poet, novelist, literary critic, and translator

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“The fundamental idea of transaction costs is that they consist of the cost of arranging a contract ex ante and monitoring and enforcing it ex post, as opposed to production costs, which are the costs of executing a contract.”

R. C. O. Matthews (1927–2010) British economist

Source: "The Economics of Institutions and the Sources of Growth." 1986, p. 904; as cited in Eggertsson (1990; 14)

“Costs of manufactured articles importantly depend on the cost of raw materials as well as labor, and the prices of many raw materials do not fluctuate directly with the labor cost of producing them.”

Charles Erwin Wilson (1890–1961) American secretary of Defence

Charles E. Wilson cited in: Ernest Dale (1950), Sources of economic information for collective bargaining. p. 36

“True feeling justifies whatever it may cost.”

May Sarton (1912–1995) American poet, novelist, and memoirist

“Beating the market is a zero-sum game for investors. Money managers, as a group, must provide the market return… But that return comes only before their exorbitant fees, operating expenses, and portfolio turnover costs are deducted. The zero-sum game before costs becomes a loser’s game after costs.”

John Bogle (1929–2019)

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“Costs do not exist to be calculated. Costs exist to be reduced.”

Taiichi Ohno (1912–1990) Japanese businessman and engineer

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“There may also be a cost of not acting in the first place and sometimes doing nothing is not an option”

Nigel Cumberland (1967) British author and leadership coach

page 210
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Context: It is not just a question of needing courage to do something. There may also be a cost of not acting in the first place and sometimes doing nothing is not an option, with the challenge being to minimize the potential risks of any choice you do make.

“The system of transportation is not coherent; it is not treated as integral. Roads compete with with railroads and airlines in chaotic fashion, and at immense cost to the nation.”

Anthony Stafford Beer (1926–2002) British theorist, consultant, and professor

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“Very often the things that cost nothing cost us the most heavily; I can show you many objects the quest and acquisition of which have wrested freedom from our hands.”

Seneca the Younger book Epistulae morales ad Lucilium

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Harold Chestnut 27

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