Triple Constraint of Project Management

Triple Constraint of Project Management What Is The Triple Constraint Of Project Management? A project can be described as a temporary endeavour that is geared towards accomplishing a unique and desired product, service and/or result. For the project to be successful in attaining its objectives, triple constraint management is imperative. The management involves schedule (time), scope (performance) and budget (cost) management (Marchewka, 2009, p. 15-18). Describe Each Of Triple Constraint Management Elements: Time: Project is a temporary endeavour; hence it must have a definite time frame, involving a definite beginning and estimated completion date. Some projects may have immovable date by which the project must be complete while others may be flexible. In time frame, there are some issues that will have specific deadlines. For example, be complete on or before 29th March 2010. Some will have more urgency, like â€Å"soonest possible,† while others will have lesser urgency like â€Å"take your time†. The phases that should be involved in project time frame include: when to define project goal, when to plan, when to execute the plan, when to close and finally when to evaluate the project (Marchewka, 2009, p. 15-18). Budget: Every project operates within a definite budget, which is also known as project cost management. The cost management provides an assurance that the budget of the project is developed as well as completed as approved. The budget should cater for equipment capital, consumable supplies, daily cash expenditure, personnel payment which include team allocated resources and the overhead cost. The budget should also have miscellaneous allocation for unexpected mishaps and requirements. The budget is limited to every item in the entire project (Meredith, 2009, p. 10, Marchewka, 2009, p. 24-26). Scope: Every project should have a total of all deliverables that are required for project completeness. Project scope includes the details of all the products, and services and the expected results. The scope details all the works that must be completed in order to achieve the goals of the project. The project scope explains what is to be done, why it going to be done, how its going to be done, the people who will be involved in doing it, the duration for doing it, the cost for doing it, what man go wrong and the response to it, and measures to evaluate the success of the project (Marchewka, 2009, p. 18-20). Why It Is Important To Manage Them Both Separately And Together Through The Life Of A Project? Its notable that projects have a very big percentage of resources directed to human resources. The labour cost makes the total budget increase immensely. Scope schedule and budget have to remain in a sort of equilibrium so as to support a specified project goal. Separate management on the other hand enables each element to offer its best, without hoping that the others will balance out the equation. For example time element will not hope that the scope will be adjusted to accommodate lateness and scope will not await adjustment of budget to allow for a divergent scope (Marchewka, 2009, p. 14-17). Why Is It Important To Align Projects With Business Strategy? A project is a temporary endeavour that is aimed at achieving some unique and desired product and/or services to accomplish the purpose of the project, while on the other hand a business strategy is the pattern or plan which integrates an organizations primary goals, policies as well as activities into a cohesive whole. Business strategy pulls together while giving meaning to all that an organization does. A business strategy that is well organized facilitates the organization of all resources to become a unique and viable force that is based on the competencies as well as the shortcomings of the business organization on projected changes activities by competitors and the environment (Marchewka, 2009, p. 3). Its imperative to align a project with the business strategy as accomplishment of many business or organizations objectives are being achieved through projects. There are many projects that fail to advance the overall vision of a business simply because they were not in line with the goals of the business. In other words they fall outside the business stated mission hence irrelevant to the business. Its therefore important for every project to start by analysing the overall objective of the organization so as to direct the project towards achieving the minor goals as well as the major goals that do not divert from the mission of the project (Meredith Mantel, 2009). Alignment of a project to a business strategy enables the project planners to evaluate the cost of the project versus the total business capability to host the project. Rationality is applied in tabling or arguments of the effect of such a cost in relation to the business strategy. In a situation where the budget of the project surpasses the business capital base, the imbalance may lead to debts to the business consequently destabilizing the balance of the business (Meredith Mantel, 2009). Alignment of a project to the business strategy facilitates lowering of the cost of learning the project. This is because there are many types of equipment that would be required in the project but they are readily available in the business. The establishment of project will therefore not start from scratch. There are some human resources that can also be drawn from the business; people with a bit of experience hence will not require too much training in running the affairs of the project (Cadle Yeates, 2004). When a project is aligned to a business strategy, it will be exempted of many challenges as compared to a project that is not aligned to any strategy. The argument is that many challenges that a project goes through in the initiation process are similar to challenges that were faced in launching of many businesses, so by the time a project is established within the business strategy, many hills of challenges will be levelled (Cadel Yeates 2004). What Criteria Would You Suggest For Ranking The Projects? Project selection can be defined as a process by which evaluation of proposed projects is done and then deciding to implement some set of the projects in order to achieve the overall objective of the organization. Evaluation selection technique is employable in any area that requires one to make choice between alternative choices. When my organization is faced with a challenge of so many projects that are tabled for its investment, its imperative to choose the projects that we will invest in from the list. Some of the criteria that have been tabled by Meredith and Mantel (2009, p 41) for project selection and ranking include: Realism, capability, flexibility, easy to use, cost effective, and easy to computerize. I would choose realism criterion. This module reflects an organizations reality is decision making, organizations resources, organizations limitations, cost, time and implementation factors. How Would You Ultimately Decide Which Projects To Select? The selection of the project to invest in will be based on Project Portfolio Process (PPP). The project that I would select must support multiple of the organizations goals while at the same time cross reinforcing other important projects. This means a project should not be solely geared towards achieving its objectives without giving a thought on the overall mission of the organization. I would evaluate all the projects to understand which projects are likely to incur the greatest cost to the organization. As argued by Meredith Mantel (2009, p. 72) such a project should be in a position to deliver equally high returns; otherwise the project should not be adopted. A project that I would propose for investment in must not bring about excessive baggage to the organization, those projects which are likely to incur excessive risk should be eliminated. Such projects include those that are likely to overload an organizations resources. Meredith Mantel (2009, p. 71-72) argued that a project to be selected should be in position to balance the resources to the needs. If a project requires too many resources than its ability to overcome the needs in the organization, it shall have to be rejected. At the same time the project should be in a position to balance the short term, medium term and long term returns, an imbalance would lead to rejection of the project. Olsen (2001, p. 34) pointed of the essence of doing a cost benefit analysis for whichever project is tabled for adoption. I would ensure that all the projects tabled are critically evaluated to assess whether they are worth investing the resources of the organization in. The project that I select must also be realistic as pointed out by Meredith Mantel (2009) on criteria for selecting the most viable project. A project must be based on an organizations limitations realities. The project should not surpass an organizations resources, or capabilities. For example if our organization is work a million dollars, its not realistic to invest in a multi-billion dollars project rest we drain the other projects. In other words a project that we select must be within our organizations policies. Meredith and Mantel (2009, p. 41) have argued that every viable project should be flexible. The project that we select should be flexible enough to allow for adjustments and modifications where necessary. The project should not be fixed such that even if something else crops up in the project cycle, it can not be changed to be aligned with the new cycle. I would therefore try to evaluate the project prior to its adoption to see all the loose ends and examine what are the possible effects to the overall aims of the organization. Computerization is a very essential component in this age (Meredith and Mantel (2009, p. 42); hence the project should be easy to computerize. Computerization allow for easy storage of data, retrieval and project evaluation. The data of the project stored in a computer can easily be managed and distributed to other stake holders consequently enhancing effectiveness in project management. 4a. briefly describe what happens in each of the five projects management process groups: Five process groups define the appropriate project management process by king of work that ought to be done. But the process groups overlap between and within the project phases as output of one process group turns to the input of the following phase. Initiation: At this stage, the process group signals the genesis or the start of project or a phase. A set of processes of project management defines how the project would be conducted and the way the first methodology phase will be initiated. Approval of business case takes place (Marchewka, 2009, p. 80-81). Planning: Planning of entire project (phase to phase) takes place; the planning involves scope, activity, and resources planning. It also includes cost estimation, procurement planning, and schedule estimation. The planning is in line with project size and complexity; necessary for every phase, though not demanding initial planning (Marchewka, 2009, p. 81). Executing: Involves integration of resources (human and material) in carrying out the planned project activities. Project management processes like risk management, quality assurance and team development perform a significant supporting role (Marchewka, 2009, p. 81). Monitoring and Controlling: This process group permits for measuring and managing progress to projects scope, budget, schedule, and quality objectives. The manager and the team keep an eye on variances between actual results and hoped for results. It also includes scope control, schedule control, change control, quality control and budget control (Marchewka, 2009, p. 81). Closing: closing process group avails a set of accepting the products or services of the project which brings the project to an orderly close. The stake holders ought to verify satisfactory completion of all deliverables before the project sponsors accepts contract closure. All the deliverable should be agreed upon and agree to the terms of project completion. Resources are free to be reassigned and all accounts settlement be done. Evaluation of the success or failure of project is done (Marchewka, 2009, p. 81). On Which Processes Should Team Members Spend The Most Time? The execution stage is the most important stage in a project management group. At this stage whatever was planned for is implemented so that the desired outcomes could be attained. At this stage the integration of people and other resources is very important as it leads to the end product. The success or the failure of a given project is highly dependent on the interaction between the two resources. It takes the longest period because it involves employing the plans from the initiation stage in turning a low material into a finished product. The absence of this stage means fiasco of the project (Marchewka, 2009, p. 81). What Are The Main Tasks Undertaken During Project Integration Management? Project integration coordinates all the other eight knowledge areas of a project hence its considered as the most important knowledge area. It involves putting all the pieces of a project together in a cohesive manner to get the project done in fewer resources hence cheaper and fast while meeting the set objectives. In involves project charter development, preliminary scope statement development, project management plan development, manage and direct execution of the project, monitoring and control of project work, integrate change control and closure of the project (Marchewka, 2009, p. 84). Development Of Project Charter: ItS The Backbone Of The Project; Project Can Not Be Started Without It. It Authorizes The Project. Preliminary scope statement development: it outlines project deliverables. It contains the details that will be used in project planning. Project plan development: it explains how the implementation of the project will be done. Its an imperative tool in day to day pursuit of the project goals and objectives. Direction and management of project execution: Integration of project process takes place. The completion of project scope is done. Control and monitoring of project work: resources are expended consequently facilitating accomplishment of project goals and objectives. Integrated change control: Needful for documentation, review, and decide upon of proposed changes as change is inevitable in a project cycle. Close the project: facilitates administrative and contract closure. Close project process is paramount for termination of every project (Marchewka, 2009, p. 84). References Marchewka, 2009, Project management process: developing the project charter and baseline project plan, John wily and sons, San Francisco. Meredith Mantel, 2009, Project management: A managerial Approach, 7th Edn, John wily and sons, San Francisco. Olsen, 2001, Introduction to IS Project Management, McGraw Hill, New York. Cadle Yeates, 2004, Project Management for Information, Systems, 4th edn, Prentice Hall, New Jersey.