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Importance of constraints on project management
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Importance of the Three Prime Objectives As companies gain the knowledge of project management strategies and methodologies, and how these strategies increase the success rate of projects, it is important for the companies and their project leads to understand the most valuable strategies for managing the three prime objectives or triple constraints of projects. The challenge of every project is to complete the assigned work successfully within the projects set constraints. All projects have common general objectives also known as the project triple constraints; scope, time and cost. These three factors work as a connected group. If any one of these factors is changed within the project, it will create a change in the other two. The project manager must understand how to balance the three factors to allow for the successful planning and execution of a project. These are the key factors of a successful project no matter how large or small the project is. They will determine if a project is successful. Scope During the all phases of project management it is easy to focus on only the outcome or scope of the project. The Project Management Body of Knowledge (PMBOK) defines the scope as “the sum of …show more content…
It is well documented that these three constraints are interrelated and that one factor cannot be changed without impacting the others. Project managers should completely understand these constraints, their functions and effects on projects, as it is an important piece of the project manager’s role and responsibility. The knowledge of the triple constraint should be viewed as an asset to the project manager. If these constraints are managed properly within the project, organizations will be able to deliver projects more successfully and in turn effectively exceed organizational
Gray, C., Larson, E. (2008). Project Management: The managerial Process. New York, NY: The McGraw-Hill Companies Inc.
Project management and scheduling is a very important for business today. In order to run a successful business it is important to be able to strategically plan and anticipate your future needs and cost. As a good manager, you should look at the cost of your material for products; these will include labor, material and your support services. (Schroeder, 2008) All projects go through three phases: planning, scheduling, and control.
This paper aimed to assess the project’s positive outcome including, but not limited to the ideal and pre-defined operational demand or the so-called conventional constraint which composed of the scope, schedule, and budget. By simply visiting some of the researched textbooks, articles, journals and literature, it was found out that the project 's success varies depending on who are working on it and how the stakeholders engage in it though it was primarily described based on the triple constraint approach. In fact, during the conduct of the study, several added factors were identified to also affect the project outcome like the
The three factors of performance, schedule and cost are vital to project managers. Their interactions can lead to a number of consequences on the project plans (Ward & Peppard, 2002). Performance refers to the operational and support features of a system which allows it to successfully accomplish the set goals. The support features of such systems includes both the support elements responsible for system operation and the supportability aspects of the current design. Schedule refers to the series of things which are to be done based on a specific sequence and within a specific period of time. Cost refers to the ability of a system to achieve a program 's life-cycle objectives. As a result, it includes the impact of budget and affordability
If you ask the average person about projects they will more than likely name a construction project. Project management is really a part of construction because each assignment is actually a new project. The key to success in the construction industry is to become efficient in completing these projects discovering innovative to complete processes faster and innovative equipment to complete activities faster. Construction projects range from repairing, remodeling, and building bridges, houses, roads, etc. Construction projects are normally contracted and paid after work is completed. An example of a construction project is the Tennessee-Tombigbee Waterway, which was the largest civil works project ever designed and built by the U.S. Army Corps of Engineers (COE). More than 114 major contracts were awarded in 14 years in the amount of $2 billion to complete the 234 mile waterway. The new management system employed by COE promised to reduce the time it took to bring water projects from feasibility study to construction was proven when the TENN-TOM was completed 18 months ahead of time and within budget. The new management system revised the project review and approval procedures, clearer designation of organizational roles, closer monitoring of project costs, new strategic planning, and concurrent handling of project authorizations.
The projects in today’s world are given a lot of importance and it will continue to grow in the coming years. There are a lot of companies which do not have production, but all of them do have projects. There are a lot of books which have been published on which related to planning and managing the projects. The one of the most important one was published by the author Eli Goldratt in his book ‘Critical chain’. This book basically talks and shows how the application of theory of constraints in the field of project management. The novel is basically based on one of the MBA classes in America where a number of ideas are developed in discussions among the students and the lecturers. The lecturer is basically fighting for a tenure with the president of the university who expects a downturn in the executive MBA. The lecturer who teaches project management has a word with one the senior colleagues and project management was the right topic to teach. There were three students who were placed in the project management team of their company which manufactures electronic products. The students are enrolled in this MBA class along with other students, here they discover a new approach to project management which is known as the
PMBOK, (2013). A guide to the project management body of knowledge : (PMBOK guide). 5th ed. Newtown Square, PA: Project Management Institute, Inc..
Any organization when they take up project, they will do the work and be successful within this triple constraint. The project manager must have the knowledge to balancing of these three elements, and
Project Management practice varies considerably from one type of project to another (Payne and Turner, 1999) and its methods are essentially designed for the application of knowledge, skills, tools, and techniques to manage activities so as to meet the project objectives (PMI, 2013). A range of different tools, techniques, and approaches are applied to distinct types of projects in order to adapt project management procedures to the specific needs of each project (Crawford et al., 2005). The application of the principles of project management have been considered to be very efficient in the management and control of projects (Murphy and Ledwith, 2007). Project managers tackle different tasks and challenges throughout a project implementation,
Project management is said to be completed within time when it completed within the “triple constraints”: cost, time and quality. And in a lot of causes, one them is sacrificed so as to meet the other two. Project managers prioritize which ones are the most important.
In the 1997, Critical Chain Project Management developed by Dr Eli Goldratt from his Theory of Constraints book “Critical Chain”. This method was designed specifically for project environment. CCPM is being presented as an alternative to the old methods for project planning and control, such as those contained in the management within standards such as the PMI Guide to the Project Management Body of Knowledge (PMBOK).Therefore, Critical Chain Project Management have claims from both a theoretical and practical perspective in the light of this new guidance. It applies Goldratt's Theory of Constraints (TOC) to resolve project task and delivery issues.
1. The triple constraints within project management are recognized as the time, costs and resources, and the scope of a project. These are important due to the structure and path that they create for a project as well as their balance between each other. When one constraint is affected, for instance the costs and resources increasing, the other constraints are then directly affected as well. If the costs of a project increase, the time that the project takes may be increased, and the entire scope of the project could end up being adjusted as well.
“Project management is the application of knowledge, skills, tools, and techniques to organisational and project activities to achieve the aims of an organisation through projects” (PMI, 2003).
When planning a new project, how the project will be managed is one of the most important factors. The importance of a managers will determine the success of the project. The success of the project will be determined by how well it is managed. Project management is referred to as the discipline that entails the processes of carefully planning, organizing, controlling, and motivating the organization resources so as to foster and facilitate the achievement of specific established and desired goals and meet the specific criteria of success required in the organization (Larson, 2014). Over the course of this paper I will be discussing and analyzing the importance of project management.
Project management involves all activities that encompass scheduling, planning, and controlling projects. A successful project manager ensure that an organization’s resources are being used both efficiently and effectively. Most projects need to be uniquely developed require a sense of customization and the ability to adapt to any posed challenges. The scope of effective project management includes defining what the project is and what is being expected to be accomplished. Projects are imposed to fulfill a certain need and project managers must have the ability to create the proper definition. Goals and the means used to attain those goals have to be clearly stated. Project Managers must also have the ability to plan