First let me define the following terms. Scope or performance is the process of developing a detailed description of the project and product. Preparation of a detailed project scope statement is critical to project success and builds upon the major deliverables, assumptions, and constrains that are documented during project initiation (Project Management Institute, 2008).
Time or schedule is the process of analyzing activity sequences, durations, resource requirements, and schedule constraints to create the project schedule. Entering the activities, durations, and resources into the scheduling tool generates a schedule with planned dates for completing project activities. Time determines the planned start and finish dates for project activities and milestones. Revising and maintaining a realistic schedule continues throughout the project as work progresses, as the project management plans changes, and as nature of risk events evolves (Project Management Institute, 2008).
Cost is involved in estimating, budgeting, and controlling costs so that the project can be completed within the approved budget. The primary concern with the cost is the resources needed to complete project activities. Cost planning effort occurs early in project planning and sets the framework for each of the cost management processes so that performance of the processes will be efficient and coordinated (Project Management Institute, 2008).
Project managers must prioritize. A technique called priority matrix was formulated for this purpose. Priority matrix identifies which criterions are constrained, enhanced and accepted. Constrain means that certain parameters are fixed. Enhance is where you must optimize the one criteria over the other. Lastly, acceptance is where a criterion must be tolerable enough but would still meet the original requirements (Larson &...