In our 19th "Deming Lens" episode, host Tripp Babbitt shares his interpretation of wide-ranging aspects and implications of Dr. Deming's theory of management.

Topics in this episode include:

• The 4th of Dr. Deming’s 14 Points – “End the practice of awarding business on the basis price tag alone"
• Minimize total cost (of ownership), overall (life-cycle cost)
• The advantages of using one supplier for a given product or service
• Challenges beneath the surface, in implementing Point 4, including short-term thinking and competition
• Putting all of one’s eggs in one basket in using one supplier
• A prescription, from Dr. Deming, for choosing a supplier
• Lessons from Phil Monroe, in his podcast, regarding his discussions of Point 4 with Dr. Deming

Dr. Deming's 14 Points are fully covered in Out of the Crisis. The New Economics presented his later thinking about the 14 points.