Garvin’s eight factors in terms of questions: Performance — how well does it serve the intended purpose? Features — how many useful or valuable benef… - Josh Kaufman

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Garvin’s eight factors in terms of questions: Performance — how well does it serve the intended purpose? Features — how many useful or valuable benefits does it offer? Reliability — what is the probability it will break, malfunction, or fail when used? Conformance — how well does it meet established standards? Are defects common? Are acceptable replacements available if I need them? Durability — how long will it work? Serviceability — if something goes wrong, is it easy to fix? Aesthetics — is the subjective experience of using it pleasurable, attractive, or reassuring? Perception — does it have a good Reputation and deliver better results than anticipated, to avoid the Expectation Effect?

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Loss Aversion is the idea that people hate to lose things more than they like to gain them. There are very few relationships that psychology is able to quantify, but this is one of them: people respond twice as strongly to potential loss as they do to the opportunity of an equivalent gain. If you look at your investment portfolio and notice that it’s increased by 100 percent, you’ll feel pretty good. If you notice that your portfolio went down 100 percent, you’ll feel horrible.

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