TRIPLE CONSTRAINT
SCOPE GOALS
COST GOALS
TIME GOALS
Refers to the project’s schedule for completion.
E.g. Deadlines for each phase of the project, & date for rollout of the final deliverable.
Defines its specific goals, deliverable, features and functions, in addition to the tasks required to complete the project.
The cost of the project, often dubbed the project’s budget, comprises all of the financial resources needed to complete the project on time, in its predetermined scope.
E.g.
DOES NOT ONLY include money for materials—it encompasses costs for labor, vendors, quality control and other factors, as well.
Steps to ensure effective time management
Monitoring
Control :
Scheduling
Planning
Includes defining the main goal(s) of the project team, how the team intends to achieve the goal, and the equipment and/or steps that will be taken to do so.
Project management team must plot out the realistic timeframe for completion of each phase of the project.
Occurs once the project is underway and requires the project team to analyze how the past stages of the project performed, noting trends and impacts on future plans, and communicating these findings to all relevant stakeholders.
In the control step, the team must, upon communicating the results of each phase of the project, move forward accordingly.
E.g. If things are running smoothly, the team must analyze the factors contributing to that positive outcome so that it can be continued and replicated. If there has been a derailment, the team must know how and why the derailment occurred and take steps to correct it for future actions.
What work will be done as part of the project? What unique product, service, or result does the customer or sponsor expect from the project? How will the scope be verified?
How long should it take to complete the project? What is the project's schedule? How will the team tract actual schedule performance? Who can approve changes to the schedule?
What should it cost to complete the project? What is the project's budget? How will costs be tracked? Who can authorize changed to the budget?
Expectations--> Provides target for the scope--> cost & time dimensions of the project