Project Management Constraint and Cost

Question: Discuss about the Project Managementfor Constraint and Cost. Answer: The project of every industry is defined as one time endeavor and a temporary that are undertaken to the in order to create a product or service which is unique in nature. A project usually brings added value or a beneficial change in the different aspects of its field of work. However, project management is the discipline or field that deals with managing and organizing resources in a way so that the resources will deliver the work that are essential for completion of a project within a specified time, constraint and cost (Patel, 2008, p. 1). All the human beings are defined as the project managers, as all of them are indulged in work both in terms of personal and professional fields. Apart from that, human activities are essential for completion of any project. However, it can be said that from very primitive ages there are many scientists who are involved in developing systems that will help in solving issues of project management. The US Navy system earlier has faced many issues in the field of Polaris missile system. In terms of finding solution, PERT technique has been introduced in the perspective of project management. Apart from that, it is figured out that, Henry Gantt is known as the father of control and planning techniques and Fredrick Taylor is known as father of scientific management (Patel, 2008, pp. 3-4). Project manager is a person who has the responsibility of pursuing the project in maintaining the productive mutual interaction and progress of the project. Project managers of various organizations are responsible for the representative of the client while determining the exact demands and needs of the clients based on the nature of the project or the firm. He must possess the capabilities and adaptabilities of the internal procedures of the project along with maintaining the relation between the contractor and the representative. The duty of a successful project manager is to envisage the project from its beginning to the end entirely with perfection while ensuring the realization of the vision of the project (Patel, 2008, p. 5). The thesis statement of the essay revolves round the triple constraints of the project management i.e. cost, time and scope constraint that are the elements determining the success of the project. Importance of Triple Constraints in the Project Performance and its Success This section will define the triumph of a project management depends on the proper balance of the competing demands by using the different constraints of the projects triple constraint. Triple constraint helps in improving the project performance by successful implementation of the skills of the project managers involve in it. Triple constraint of a project is defined as term in project management that consists of a framework of three parameters of project performance. The three parameters are cost budget, time schedule and product performance. Figure 1 Triple constraints of project management (Source: Rosenau Githens, 2011, p. 38) Product performance: The constraint of product performance is developed from the capture of the performance and functional requirements of the project by the team of the project. In this aspect, the operating cost, maintenance cost, standard cost of manufacturing a product, product performance are the elements that influence the product performance constraint in the triple constraint of project management (Rosenau Githens, 2011, p. 38). Time performance: Time performance constraint of the project depends on the project supervisor who is liable for the completion of the project with the required quality. The team will decide the time of completion of the project by checking the estimation of duration, analyzation of the critical path of the project. These are the points of concerns of the project managers while determining the time performance of the project. It is important for the project managers for dividing the several tasks of the project to the different group members of the project. Cost performance: The estimated cost performance of the project includes expenses of the capital that is being computed in the cost-estimating practices. The capital budget of the project is also computed by presenting the different practices of cost-estimation. Cost of a project after its determination must not be extended. The cost constraint of the project depends on various variables such as material rates, labour rates, profit, plants, risk management and equipment (Rosenau Githens, 2011, p. 39). Project management is explained as the management method and monitoring the process of comparison of the actual performances while determining variances in evaluating the possible alternatives while taking proper corrective action maintaining the success of the project. Different types of controlling activities are present in the implementation in the project. However, triple constraints of the project describes the relationships between the time schedule, product performance and cost performance in the project management at a preferred price curve, level of performance and limited budget (Atkinson, 1999, p. 337). Triple Constraints as the Success of the Project The success of project management depends on many factors. The outcomes of the different activities of project management depends on the implementation of the success There are many factors of success which include satisfying the schedule of the project, meeting the aims of the project, and the obvious indicators in terms of completion of budget. The factors of accomplishment of the project based on the triple constraints of the project are inadequate basis for different project, unsupportive top management, wrong personality as the project manager, improper techniques of project management, closedown of project or unplanned activities of the project, improper defined tasks, misused management techniques, inadequate basis of the project (Munns Bjeirmi, 1996, p. 82). Narrow definition of project management and its relation with the triple constraints of project i.e. cost, scope and time of the project. The role of a successful project supervisor is to ensure the completion of the work within time, scope and budget by maintaining correct performance level. However, the elements of triple constraints are maintained by the project manager itself regarding the characteristics of the product or service in the technical aspect of the project. The most important responsibility of a project manager is to handle the technical issues of the project. However, the primary responsibility of the project manager while ensuring the completion of the work within the time. Apart from that, the scope, budget, and the level of correct performance of the project are also maintained by the project manager. Project managers of organization should understand the vision and mission of the company first, then they have to ensure the fact that the project goals and objectives must meet with the organizational goals (Lewis, 2002, p. 24). However, the responsibility of project managers does not ends here. They must have to take care of the fact that the organizational interests must be met along with enhancing the presentation of the team members. The concept of project management is depended on the factors of triple constraints of the project. The triple constraints of the project are scope of project, cost of project and time of completion of project. The success of project management depends on the perfect implementation of the different elements of the triple constraints and the skills of the project manager in the particular project. The essay describes different theoretical and practical aspects of the project supervision along with the description of the each constraint of the project. Apart from that, there are many techniques such as PERT or CPM in order to complete the project in a successful way in the particular time frame (Ika, 2009, p. 6). The accomplishment of a project executive is to convert the diverse resources of the project into successful implementation. The success also depends on the perfect mix of the tools and techniques that will fit the situation of the task in the stipulated time. References Atkinson, R., (1999). Project management: cost, time and quality, two best guesses and a phenomenon, its time to accept other success criteria.International journal of project management,17(6), pp.337-342. Ika, L.A., (2009). Project success as a topic in project management journals.Project Management Journal,40(4), pp.6-19. Lewis, J.P., (2002).Fundamentals of project management: developing core competencies to help outperform the competition. AMACOM Div American Mgmt Assn. Munns, A.K. Bjeirmi, B.F., (1996). The role of project management in achieving project success.International journal of project management,14(2), pp.81-87. Patel, V. N. (2008). Project Management. Oxford Book Rosenau, M.D. Githens, G.D., (2011).Successful project management: a step-by-step approach with practical examples. John Wiley Sons.