The quote "Time is money" is generally attributed toBenjamin Franklin, though the meaning dates back to the early Greek philosophers.
What I find interesting about this quote is that it was directed to young tradesmen back in 1737, and yet is still just as important, if not more so, in our modern world. I also like that Franklin get's into the math of it to make his point, because, though math may not be sexy, it does not lie, and it's hard to argue with.
And with that in mind, let's look at these average Carpenter stats:
Carpenters use a pencil 200 - 400 times a day to make a mark
Carpenters sharpen their pencils 3-10 times a day
Carpenters lose 1-3 pencils a day
Carpenters borrow a pencil from another carpenter once per day
And what that means:
Carpenters waste 15 -18 minutes per day sharpening pencils, looking for pencils, and/or looking for something to sharpen a pencil with, and this doesn't take into account the time wasted when they use a dull pencil and make an inaccurate cut.
Let's use the low range of the range 15 minutes, see the actual cost over 12 months factoring a carpenter earning $25 (low range again)
And here's the MATH:
15 minutes per day times 20 working days in a month = 300 minutes per month
300 minutes = 5hr wasted each month
5 hours at $25hr = $125 wasted each month
$125 X 12 months = $1,500.00 DOLLARs wasted each year
Keep in mind that we used the lowest of ranges here, and if you want to see your actual cost per man, just plug in your actual numbers in each of the underlined sums.
Franklin, who is the literal face of money, would remind us today that it's not just the expense of the wasted time, but also the expense of lost opportunities because after all, TIME is MONEY.