Project Management Success depends on balancing the core project components of Scope, Cost and Time. This is often referred to as the Project Scope Triangle or the Project Quality Triangle. Scope refers the quantity and quality of what needs to be delivered in the project. Cost refers the financial cost of the project (material and resources) and time refers to the amount of time in which the complete project must be delivered.
A colleague of mine has a favourite saying – “Good, Cheap or Fast – pick any two”. Basically, this demonstrates the relationship between these project forces. If you want a project to deliver high quality, fast, then it will cost. If you want a project to be fast and cheap, then the scope will need to be compromised and if you want the project to deliver quality and be cheap then it will take time to do it. Knowing what the key drivers are of your project can help you make decisions when crunch time comes and something has to give.
Talking to your customer can help you determine which of these project factors are immovable and which are flexible. For example, a customer may have a deadline that is immovable and with current scope there is no way you can meet it. Knowing that the project timeline is the main driver of the project immediately gives you your two options – cut scope or increase resources.
Here are a few tips for managing scope, cost and time.
Managing Scope
Scope refers to the quality and quantity of project deliverables specific to a particular project. Scope, unfortunately, has a tendency to increase as a project progresses. This can be due to a number of factors. Often as the project progresses it becomes more clearly defined and we realize the actual requirements as opposed to the perceived requirements we based our estimation on. Sometimes people, both on the customer and vendor sides, can get caught in the trap of ‘wouldn’t it be good if it could do…..’. So we need to be constantly mindful of our scope and stick to it. Adding scope means increased cost in terms of project budget and possibly project time, so project managers need be on top of scope issues:
Managing Cost and Time
The following tips relate to both cost and time:
These are just a few tips for project management success. Good luck!
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