Project Management Success is mainly depends on balancing the core project components of a project which are Scope, Cost and Time. These three core components or constraints are often referred to the “Project Scope Triangle” or the “Project Quality Triangle”. For a project manger it is very important to consider all these three components, and project manager also must know how to manage these components to successfully accomplish a project. In this post I would define each components and also discuss in detail that how to manage these three basic components of a project.
Scope
A project’s scope is the ultimate overall goal and it refers the specific quality and quantity of what needs to be attains or delivered in the project. Scope has a tendency to increase the project progress and this is due to a number of factors. A company needs to be constantly mindful of scope of its project and stick to it. Adding scope (expanding) means increased project cost in terms of project budget and probably project time, so project managers need be consider the scope on top.
Following Tips will Show That How to Manage Scope of the Project?
Formal, Written, Agreement on the Scope of the Project
A company first of all needs to ensure that it have Formal, written, agreement on the scope of the project. If the scope of project is ‘fuzzy’ then company will get stuck in issues like what is inside the scope? And what is outside of the scope? It helps when a company can clearly see that a proposed point/item is a variation from what is document.
Recognize the Scope Creep
A company should know the specification/requirements of scope. At this stage company needs to recognize a variation to the agreed document and highlight it as a project issue.
Assess the Impact of Scope & Determine the Options
A company must assess the time and cost impact of the increase (expansion) in scope and present this to whomever company need in order to get a required decision. A project manager who has independence on within the project may be in the position to make decisions upon the outcome. If project manager thinks that he cannot take a valid decision then he/she should present the options to the decision makers (top level management or other concern department manger) in a concise manner to enable them to make an informed and updated decision.
Revise the Plan
After the outcome of all discussions now company may need to: Remove other functions to accommodate, increase time of the project and increase the resourcing (HR resources and associated costs), and increase the material costs to accommodate. Whatever your project outcome, document it and make sure everyone (employee & mangers) are clear of the impacts on the project. At the end revise your project plan to reflect the changes.
Cost
Cost refers the financial cost of the particular project (it may include material and resources). All projects of a company cost money. The project manager should have a realistic approach and estimate of the project’s total cost before the project practically starts.
Project Management Cost Estimation Tools
- Parametric Estimation for Statistics Measurement
- Analogue Estimation using similar project for current project cost estimation
- Cost of Quality Analysis
- Bottom up Estimating
- Reserve Analysis
- Vendor Bid Analysis
Project Management Software can enhance the results of cost estimation
Time or Schedule
Time of the particular projects refers to the amount of time in which a specific project can be completed or the complete project can be delivered. Durations of individual tasks and their sequencing determine how long the overall project will take to deliver. Project manger should also know that which tasks are on the critical path.
Following tips will show that how to manage both Cost and Time?
Careful Estimation
A company needs to estimate cost and time against clearly defined scope. Experts know that this is often not the reality but project manger needs to do this. Fixed price and up front quoting may make this very difficult and company often has to work with what it has at the time. Company need to use management and project team knowledge of how long a task takes and what will be cost? It can also get help from past projects.
Contingency Time Planning
Management of the company needs to be mindful of applying an adequate time contingency. This time contingency mainly based upon the level of detail of Scope Company have to work with, mangers or management knowledge of company and its current level of resourcing, the size of the specific project and external factors (such as dependencies on other projects) that may impact the project. Company must remember to factor in adequate review and approval times. Mangers also must keep in mind that if more people will be involved in review and approval, the longer time and cost it will takes.
Track or Monitor Project
Company should regularly track or monitor project. If project is heading outside of company acceptable parameters then company can quickly take an action. The Project Plan is a company key planning, tracking and managing (decision making) tool throughout the project so make sure company (top level management) look at it regularly and update project plan to reflect what is actually occurring.
Summing up all the above I can say that, each of above three constraints is interlinked to the other two. If one or more constraints is changed, the remaining ones will be also changed. For example, decreasing the budget/cost of a project is likely to lengthen its time or force the creation of a new and more restrained scope. Or if a company makes an increase in scope (expansion) generally results in an increase in time and cost. Likewise, an acceleration of the time may also produce an increase in project costs and a reduction in its scope. The project management (top level management and manger) challenge is to balance these three constraints to create the best possible scope-cost-time equilibrium for project.
