May, 2007

Projects that never end? Over budget? Are you Using Effective Project Management Skills?
By Katie Sluzas

What is project management? In simple terms, project management is a process that helps people deliver projects on time, meet the scope of the project, and not cost more than the allotted budget. These principles form the classic "Traditional Triple Constraint" triangle of project management.

In the beginning stages of a project, a few elements of the project are jotted down on paper: the start and end date of the project, tasks that need to be carried out to complete the project and the resources (people, organizations, etc.) that are available to help complete the identified tasks.

During initial planning, the time required for each task is usually estimated. Divide tasks into several smaller pieces so that it is easier to measure progress.

The scope of the project needs to be defined with what the project is supposed to accomplish and what the end result should be. A major component of scope is the quality of the final product. The amount of time put into given tasks determines the overall quality of the project. Over the course of a project, quality can have a significant impact on time and cost.

The total cost of a project depends on several variables including labor rates, material costs, risk management and profit. These variables need to be monitored through the project's lifecycle.

The three constraints - on-time delivery, meeting goals and maintaining budget - have given rise to the phrase, "On Time, On Spec, On Budget." Finally, in order to have a project be "On Time, On Spec, On Budget," you need to designate someone as project manager. This individual is the pest in the office who makes sure all players/stakeholders involved meet their task's deadlines.

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