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Course: Project Management. Textbook Project Management: A Systems Approach to Planning, Scheduling, and Controlling – 12th...

Course: Project Management.

Textbook

Project Management: A Systems Approach to Planning, Scheduling, and Controlling – 12th Ed.

Publisher: John Wiley & Sons; ISBN: 9781119165354

Describe the interplay between Cost, Time and Scope in Project Management. As a project manager, why is this important?

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Considering the project management life cycle, it consists of planning, monitoring and controlling stages. In order to accomplish the project objectives, it is essential complete the project on time, within the specified budget, expected quality and project performance. The iron triangle consists of association among time, cost and scope. If any of the these changes then it changes the other two. For example, change in scope, changes the schedule and estimated cost. In case a project manager would like to deliver project in lesser time then more budget is required by reducing the project scope. Thus, it is important to have all the three variables in order to ensure quality improvements. The project manager should be knowing the association among different constraints. These three variables help a project manager to understand how the overall quality of the project gets impacted.

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