Posted by Lewis on October 09, 2003
In Reply to: Use the search feature posted by Bob on October 07, 2003
: : What do a penny wise and pound foolish mean to project management.
: Go back one page, and type "penny wise" in the Search box. You'll find an earlier discussion.
for brevity - I would say that 'penny wise and pound foolish' describes a friend of mine : he moans about spending 50p or £1/£2 yet he goes on frequent foreign holidays on which he spends £1,000s per year. He thinks he is frugal by taking his own sandwiches when he goes out in the evening, yet spends a few £100 most months going to away football matches and staying over. He used to spend £30 on terrible accommodation instead of £37 on good accommodation - no 'best value' calculations. This week he is saving perhaps £50 on a flight yet driving 100 miles to the airport, paying for overnight accommodation to avoid being late, when he could have taken a flight from a nearby airport for just a few £ more and gone on the day by local train. You get the idea?
It describes somebody who is conscious of small amounts of money, yet is blind to their overall spending on big things.