Theory of constraint (TOC) is a management approach that emphasizes the importance of managing constraints .A constraint is anything that prevents us from getting more of more of what we want. Study of constraint keeping their record and taking necessary steps to improve them is also known as constraint accounting. In the budget line we mainly assumed only two constraints the consumer’s income and the given prices of the two goods .But in the real world consumers are also likely to face a time constraint. That is, since the consumption of goods requires time, which also limited, often represents another constraint faced by consumers. This explains the increasing popularity of precooked or ready to eat foods, restaurant meals delivered at home, and the use of many other time saving goods and services. But the cost of saving time can be very expensive, thus proving the truth of the old saying that “time is money.” Concept of time constraint
From the above introduction, now we know that what is concept of constraint. The theory of constraint tells us that a constraint is anything that prevents us from getting more of more what we want. And the concept of time constraint tells us all those constraint situations which come because of time. For example, we may not have time to study thoroughly for every subject and to go out with our friends on the weekend, so time is our constraint. Similarly time is also factor in considering transportation costs and access to the internet. We could travel from Delhi to Kolkata, by a train or in less time but at a higher cost by plane. We can access the internet with a regular but slow telephone line or much faster but at a higher cost by DSL or fiber optics. Time Effects of The Constraints on Consumer’s judgments of Prices and Products Researchers studying risky decision making under time constraints have found preference reversals depending on whether subjects were engaged in a choice task, a buying task or a...
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