Managing Projects with Scope, Time and Cost Factors

Success of any project directly related to the management of core components that is time, scope and cost. These three components often referred to as project quality triangle under which the whole process of management grows. While talking about the construction project management, scope stands for the delivery of tasks with better quality and quantity where as cost refers to the financial cost spent on material and other resources and time is the amount of duration the projects take before completion.

Managing Scope:

Many issues are associated with the project scope and it often affects the cost and time the project is going to consume. As time passes, it becomes clear that the actual requirement is different from the perceived requirements. Sticking to project scope increase the cost in terms of project budget and also the time. Project managers need to focus on some of the main issues related to the term:

• Find out what is in scope and what is out of scope, this will help to drag out the unnecessary elements
• Knowing the specifications and requirements of the project can help to determine the exact project scope
• Define the time and cost impact and make decision according the management of the these two factors simultaneously
• Revise the plan or re-plan the functions to reflect the changes

Managing Time and Cost:

Time and cost are interrelated with each other and leave serious impact on construction projects as these projects are the long term projects. If the time increases, it will directly affect the cost demand of the project; similarly low cost project takes more time to get finished because of lack of budget. Some factors that should be considered are:

• Consider resourcing, the size of the project and external factors that may impact upon the project
• Use knowledge or experience of the team or refer to the past projects to determine the consequences of any new task getting started
• Time planning is must before the execution of projects or implementation of any new task
• Keep tracking the material requirement or requirement of other sources to keep the project going without any delay