Hardware Replacement Project
How do the five major variables of project management—scope, time, cost, quality, and risk—relate to this scenario? Time – This would be the amount of time required to complete the project. Typically it is broken down into the time required to complete the components of the project. This is then broken down into the time required to complete each task contributing to the completion of the project Cost - Cost will typically be determined by the consultant or contractors hourly rate multiplied by an estimated time to complete the project on time or if it is late. Quality - The amount of time put into individual tasks determines the overall quality of the project. Some tasks may require a given amount of time to complete, but if more time is given the project can be completed exceptionally. Over the course of a large project, quality can have a major impact on time and cost. Scope - The overall objective of what the project is supposed to accomplish, and a specific description of what the end result should be or accomplish. Risk - Potential points of failure. Most risks or potential failures can be overcome or resolved, given enough time and resources. Three of these variables can be given by external or internal customers. The value(s) of the remaining variable are then set by project management, ideally based on solid estimation techniques. The final values have to be agreed upon in a negotiation process between project management and the customer. Usually, the values in terms of time, cost, quality and scope are contracted. To keep control over the project from the beginning of the project all the way to its natural conclusion, a project manager uses a number of techniques: project planning, earned value, risk management, scheduling and process improvement. What considerations must be applied when selecting projects that deliver the best business value? Use of the Best Value process depends upon the project,...
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