Project Management (Week 12)

Explain the triple constraint and its importance in project management.

The triple constraint is the framework for evaluating the competing demands of cost, time and scope. The relationship between these variables means that if one of the three factors changes, at least one other factor is likely to be affected. For example, increasing the scope of a project may result in an increase in time and/or cost. 

The triple constraint is important in project management as all projects are limited by these three interdependent constraints. A project manager must make intelligent trade-offs between time, cost and scope.

Describe the two primary diagrams most frequently used in project planning

Gantt chart is a simple bar chart that depicts project tasks against a calendar, with tasks listed vertically and the project's time frame listed horizontally.

PERT (Program Evaluation and Review Technique) chart is a graphical network model that depicts a project's tasks and the relationships between those tasks. PERT charts frequently display a project's critical path; the critical path is a path from the start to the finish that passes through all the tasks that are critical to completing the project in the shortest amount of time.

Identify the three primary areas a project manager must focus on managing to ensure success

To ensure success a project manager much focus on three primary areas, which are: 

• communications
• managing people
• change 

Outline 2 reasons why projects fail and two reasons why projects succeed

Two reasons why projects fail:

• Poor planning: a failure to properly plan can be detrimental to the success of a project. Good planning uses tools such as a project plan, Gnatt charts and PERT charts.
• Scope creep: the project grows beyond its intended size resulting in time delays and increased costs.

Two reasons why projects succeed:

• Change management: A project managers ability to anticipate and react appropriately to change will better position a project for success.
• Communication: good communication is essential for the success of a project. A project manager should distribute timely, accurate and meaningful information regarding project objectives that involve time, cost and scope and quality, and the status of each.