Years ago, when I worked at Westinghouse Furniture Systems, our conference rooms had a "meeting cost" calculator on the wall. In theory, if average salaries were input into the system, the calculator would display the cost of each meeting. While it did not really gain momentum, I often wonder if we recognize the value of time.
Fast forward to today, and I am currently sitting in JFK terminal. My flight, originally scheduled for 9:30 p.m., was delayed by 9 hours. Why couldn't they put me on another flight? Why weren't there more options? What should I do with these extra hours? In fact, how much is our time worth? If only I had the Westinghouse meeting room calculator now.
I chose a low cost carrier; the cost of my ticket was 45% less than my favorite carrier's ticket price. Yet, the discount airline has less capacity and options for my destination. Not only must I consider the extra 9 hours in the airport, but also, I must weigh the lost opportunity of not being in my destination on time. What did I miss? What could I have accomplished? Should I have considered the higher priced ticket with a carrier that has more flight options?
Granted, this scenario is not unique to low cost carriers. In addition, some discount airlines are better than the traditional airlines. According to a Wall Street Journal article, "The Transportation Department estimates that budget airlines now account for 40% of the domestic market, up from 22% in 2001."
Do we know how many flights, and the type of service, that the budget airlines offer? How much is your time worth? Maybe that Westinghouse meeting room calculator wasn't such a bad idea after all.
Read the Wall Street Journal article titled, "Airline Industry Sees Pain Extending Beyond the Recession"
http://online.wsj.com/article/SB125047202485835613.html
Debi Scholar, CMM, CMP, CTE, CTT
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Wow... A meeting cost calculator. What a great idea. Like most meetings aren't already of waste of time. ;)
Posted by: Furniture Stores | August 17, 2009 at 09:32 AM
I know, you're right! Many are...
Posted by: Debi | August 22, 2009 at 01:47 PM