The Iron Triangle of a Project
TASK 1
Following are the answers to the questions of Task 1.
Question 1. What are the core principles or characteristics of any project and why are they important?
There are three principles or characteristics that any project has. These are time, cost and quality. These three are called iron triangle.
These are important because they are well known success measure criteria of any project. It places cost, time and money at the center of project. This is called Iron Triangle. This framework helps to evaluate and balance the competing demands of cost, time and quality within their projects. The quality management of a project provides customer satisfaction, cost reduction, increased productivity and better competitiveness. Cost provides monetary resources needed to complete project activities. It determines the budget of the project. It also monitors the status of the project. Time management is an often critical for any successful project. If time is of the essence then quality or cost should be harmonized. If completion of project should be accelerated then more resources should be used in project and its lead to cost increasing. Sometimes changing of time (schedule) will affect both, cost and quality. If project must meet specific deadline quality could be cut to meet the accelerated time frame.
Question 2: How would you have defined the scope of the project in the case study?
Answer: The scope of the project definition starts by developing Work Breakdown Structure (WBS). The project sponsor gather information for developing a high level work breakdown structure. The organization, definition and establishment of the scope of the project is a product of WBS. It helps to identify all the major deliverables of the project. The planning meeting in detail and work session in Planning Phase, the project manager reviews high level WBS with project team. The deliverables are developed further into work packages.
Question 3: Using the information below, plot out
Following are the answers to the questions of Task 1.
Question 1. What are the core principles or characteristics of any project and why are they important?
There are three principles or characteristics that any project has. These are time, cost and quality. These three are called iron triangle.
These are important because they are well known success measure criteria of any project. It places cost, time and money at the center of project. This is called Iron Triangle. This framework helps to evaluate and balance the competing demands of cost, time and quality within their projects. The quality management of a project provides customer satisfaction, cost reduction, increased productivity and better competitiveness. Cost provides monetary resources needed to complete project activities. It determines the budget of the project. It also monitors the status of the project. Time management is an often critical for any successful project. If time is of the essence then quality or cost should be harmonized. If completion of project should be accelerated then more resources should be used in project and its lead to cost increasing. Sometimes changing of time (schedule) will affect both, cost and quality. If project must meet specific deadline quality could be cut to meet the accelerated time frame.
Question 2: How would you have defined the scope of the project in the case study?
Answer: The scope of the project definition starts by developing Work Breakdown Structure (WBS). The project sponsor gather information for developing a high level work breakdown structure. The organization, definition and establishment of the scope of the project is a product of WBS. It helps to identify all the major deliverables of the project. The planning meeting in detail and work session in Planning Phase, the project manager reviews high level WBS with project team. The deliverables are developed further into work packages.
Question 3: Using the information below, plot out