The Scope, Cost And Time As Commonly Shared Objectives For All Projects

Projects can range in size from planning a wedding to constructing a mall. A project can be described as a temporary series of events to provide a defined outcome or service (Meredith, Mantel, & Shafer, 2015). Projects differ in several aspects such as they all share three similar objectives. All projects share three prime objectives (also known as the triple constraints) including the scope, time and cost (Meredith, Mantel, & Shafer, 2015). The triple constraints can be related to any project however; the characteristics vary based on the project.

Triple Constraints

The triple constraints can be applied to any project. The project manager has to consider the scope, time and cost in order to complete a project. The triple constraints are interrelated and function with each other. For example, when planning the construction of a new mall the scope might be to provide shopping to a rural area. The scope cannot be completed without a budget and the time influences both the cost and the scope.

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Overall, the triple constraints work interdependently with each other.

Scope

The scope of a project is described as the desirable outcomes from a project (Meredith, Mantel, & Shafer, 2015). All projects have a general scope which drives the project. The scope of a project can be argued as one of the most important parts of being a project manager. Khan (2006) states, “managing the scope of a project is the most important function of a project manager” (pg. 12). The scope provides the team with a vision of what needs to be completed.

The scope can be broken down into factors including project initiation, scope definition, and scope planning (Khan, 2006). For instance, when building a new mall, the scope might be to bring in new business. More specifically, the scope might involve providing shopping to a new area, providing jobs, and creating revenue. When determining the scope of a project, the project manager must consider the other two constraints time and budget. When building a new mall, the project manager must consider the expected deadline of completion, the cost to build, and the return of the project. The scope of the project is extremely important to keep everyone on the team focused on the main goal of the project.

Cost

In addition to scope another extremely important objective of projects is the cost. In regards to project management the cost can be described as the budget (Meredith, Mantel, & Shafer, 2015). Considering the cost of a project is extremely important in terms of project success. To elaborate on constructing a new mall, the project manager must consider the cost. Factors including material, staffing and contracts all contribute to the cost. The project manager must also consider the other constraints such as time. For example, the competition of completing the building on time can save 20% than completing it a year late (Meredith, Mantel, & Shafer, 2015). If the project manager completes the project late then it will cost more. The project manager must consider when building a mall that the time or length of a project can influence the cost, The cost of a project is extremely important to consdier when planning.

Time

The final triple constraint time is a crucial factor for many project managers. Time can be described as the deadline of a project (Meredith, Mantel, & Shafer, 2015). Project managers are faced with the pressure to complete a project in a timly matter while meeting the scope and not going over budget. Project management experts argue that deadlines are a necessary aspect of project management. The experts also agree that in order to meet deadlines the project should be divided into tasks with smaller deadlines (Owens, 1987). Although, time is an extremely important objective it is not always clearly defined. An example when time is not met is when the sacred cow model for project selection is used. The sacred cow model can be described as an offical in an orgainzaation or company asking for a project and will conclude the project when they feel it is successful (Meredith, Mantel, & Shafer, 2015). Since there is no clear deadline with a project using the sacred cow model, the project manager must create their own deadlines to complete the project. Creating deadlines will help the project manager reach the scope of the project and factor the cost.

Conclusion

In conclusion, the scope, cost and time of a project can be applied to any project. The triple constraints function with each other and vary project to project. Project managers are faced with defining each objective and planning how to achieve them. Overall, the scope, cost and time are commonly shared objectives for all projects.