Facing any difficulty to streamline the project management process? Are you unable to settle down with a consistent work process and getting higher outputs? We are here to help you understand the complete procedure.
In one of our previous blogs, we have already discussed project management and its 5 vital phases. No matter what type of industry you belong to or what kind of product you are pitching for, you have probably noticed the importance of project management. Analyzing the significance of various stages of project management, we have come up with three main elements of project management.
The project management triangle envisions three vital constraints:
A company needs to maintain a balance between time, cost and scope to get a high-quality final product. For example – (Time + Cost + Scope = Excellent Output)
These three main elements are often used by the managers to scrutinize or realize the complexities that may emerge while execution or implementation of a project. These three variables are inter-connected. If one of the above variables is changed or modified, the other two must be adjusted accordingly to keep the triangle connected without any further failure.
To keep all those 3 major constraints aligned, the project manager must have a thorough understanding of three variables. They must also be aware of the opportunities they have to be flexible to integrate changes all through the project to get higher outputs. Let’s get started with a brief discussion on the three major elements.
A project might take a shorter or longer period for successful accomplishment. Completion of a project often depends upon several factors such as the number of people working on the project, experience, abilities etc.
Time is one of the most vital factors and it is out of your control or manipulation. And at the same time, failing to meet the deadlines of project completion can lead to adverse situations. And most of the companies fail to meet deadlines only and only because of lack of resources. Using advanced workflow management software can help businesses sustain in the competition and meet the requirements of the clients.
Cost is the most important factor for any organization as well as project managers. Before undertaking any project, organizations must have an estimated cost to hit the target. Budget constraints will definitely make sure that the entire project must be developed and executed within a definite cost.
Sometimes according to the requirement of the basic project management steps, project managers might allocate some additional budget to the project to achieve the target within the deadline.
Scope is defined as the size of a project according to the quality, detail, and the magnitude of the project’s deliverables. It is proportional to the other two elements of project management. If the scope of the project increases, naturally it will need more time and money to complete. A thriving project manager knows how to manage the scope of the project and how to balance scope, time and cost without any impact.
It is not an element of the project management triangle, but the end result or the objective of every project delivery. In some cases high-quality comes with higher cost and more time and scope and in other scenarios low quality comes with lower cost and limited time and scope. To ensure excellent quality, companies must implement Workflow management tools.
The three elements remain balanced when scope is equal to the combination of cost and time. If you are planning to boost the scope, one of the elements among cost or time needs to increase in order to maintain balance between the three elements. If any one element among cost and time is decreased, feasible scope will decrease unless integration of any amendments is done.
Tattle is easy-to-use check-list based workflow management software that helps to identify the potential areas of the project management process and how to manage them to get an excellent outcome. It is a complete solution for all types of businesses out there and need zero-code experience. Start our 14-days free trial now!
Written by: Ankit Jena
Ankit is Content Writer for Muvi’s Marketing unit. He is a passionate writer with 5+ Years of Experience in Content Creation And Development. In his past time, he likes to dance, play football and google various things to quench his thirst for knowledge.
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