So far we had discussed much important information regarding project management. We had discussed that what actually project management is?? We discussed project management framework, agile project management and various qualities of project manager required during project management.
Today we are going to discuss the speed vs cost scenario in project management. Yes, it is very important to point regarding project management which really needs to be discussed.
A client of a particular organization expects 3 basic things from the service provider. And these 3 things are speed, cost and quality. Actually is very difficult to maintain a balance between these 3 key points. In order to maintain balance, a project pre-planning is very much important. For this, we have to discuss various points of what is the actual requirement of the project? How much human resource it deserves and what is the deadline for the project.
These two factors of speed & cost are actually a part of project management triangle. According to this project management triangle, the quality of the project depends on scope, schedule & cost.The process of managing project cost is actually an activity for estimating project’s cost, developing project budget & controlling spending.
We all know that the success of the project, they need to be performed and delivered under certain constraints. And we listed these constraints as scope, time and yes cost.
It is well known that if a particular project is completed on time, then obviously the client will be happy and pay the service provider what he/she actually deserves. And think of a scenario when the service provider is not able to deploy the product before the deadline. Then obviously, the client will not pay the service provider. Therefore, the speed is inversely proportional to cost in project management.
This is all for today’s article. For more information please visit www.scopidea.com
