Time, Cost And Quality Are Important Parts of Project Management. Know Why

Time, Cost And Quality Are Important Parts of Project Management. Know Why

Altaf Khandelwal

When it comes to managing a project, there are numerous aspects to keep track of. A mere detailed overview simply does not work when project management is concerned since there is a need to keep an eye out for every little factor that has to be taken into account for the successful implementation of the project. The scope of any project (which means the endpoint that the project aims to achieve) takes into account three very crucial aspects – they include time, cost and quality. When the theory of constraints approach is used, these three factors form the constraints since they leave room for plenty of issues alongside opportunities. So, here is a look at what the three constraints include and why their presence is so important while managing a project. 

Time –Time essentially refers to the overall period of time that would be required in order to deliver the completed project. While at a macro level, grasping its entirety is relatively simple, its breakdown is where managers often tend to go wrong. Estimating the amount of time that the whole project would take involves taking into account the period that would be required for the minutest of tasks and then cumulating them. While estimating the time required during the breakdown, it becomes important to understand every aspect of the task and allot the time that is necessary for the task to be completed, even with the presence of certain hiccups. By the usage of the time factor, managers can develop a schedule for the project and see track their progress at every step of the way, which helps in improving the efficiency as well as the effectiveness. 

Cost – Cost refers to the number of resources that will be necessary in order to drive the project to its completion. The cost entails a number of factors, such as the cost of materials, the manpower, et cetera. Understanding the life cycle of the project and allocating the resources every step of the way will help in understanding the total cost that is necessary and then devising a budget that can then be used to fulfil the requirements of the project. An efficient project manager will try to keep costs to the minimum while ensuring that there are ample resources available in case of any issues in the project. 

Quality – Quality means the standard that is maintained throughout the project. Although there might be some contention, quality is still invariably considered as the most important aspect out of the three. Quality needs to be maintained at all points of time, regardless of the time and cost, since it caters to the overall satisfaction of the end-user. As a result, project managers are entrusted with the task of developing a standard quality against which the actual output can be compared and checking how the actual outcome fares. Through this process, regular quality checks must be conducted in order to ensure that the client receives only the best output from what can be delivered. 

Bringing them together 

The most important part of delving into project management is combining the three aspects of cost, time and quality. In a lot of cases, it becomes important to prioritise and develop a hierarchy of the factors of time, cost and quality within the project and decide which aspect should be paid most attention to. In some cases, the cost might have to be compromised in order to maintain the quality, while time may have to be least prioritised in other cases. It all depends on the type of project that is being developed and the discretion of the manager. 

Conclusion 

The endpoint of taking time, cost and quality in project management is to ensure that the client receives the highest quality of a product or service and that the resources are made use of in the most efficient manner so that there is timely deliverance of the project.